عقود الخيارات من منظور إسلامي

Year 2022, Volume: 33 Issue: 2, 533 - 565, 30.12.2022

Ashraf Dawaba

https://doi.org/10.26650/di.2022.33.1.1141122

Abstract

تعد عقود الخيارات من أهم أدوات المشتقات المالية، حيث فتحت المجال أمام المستثمرين للتحوط ضد المخاطر في ظل بيئة تتسم بالمخاطر وعدم اليقين، فضلا عن تمكينهم من المضاربة اعتمادا على الرفع المالي. وفي المقابل فإن هناك من يرى أن عقود الخيارات تحولت من عقود كانت أصلا في نفسها خطرا، إلى عقود للتحوط ضد المخاطر، ولكنها في حقيقتها ما زالت الخطر ذاته، فهي ليست إلا أدوات مقامرة للاتجار في المخاطر، حيث يتم بيعها وشرائها من خلال نقلها ممن يتحوطون منها إلى من يقبلون عليها طلبا لثمن انتقال المخاطرة إليهم.
وفي ظل توجه العديد من الدول العربية لاسيما الخليجية نحو تطبيق عقود الخيارات في أسواقها المالية، ومحاولة صبغ معاملاتها بالصبغة الشرعية، تأتي هذه الدراسة للوقوف على حكم تلك العقود من منظور الاقتصاد الإسلامي.
وقد اعتمدت الدراسة على المنهجين الاستقرائي والاستنباطي، وتناولت مفهوم عقود الخيارات، ونشأنها وتطورها، وأنواعها، وسماتها، والمنظور الإسلامي لها، وقد انتهت الدراسة إلى عدم الجواز الشرعي لعقود الخيارات، ووضعت بدائل اقتصادية إسلامية لها، للتحوط من مخاطر التغيرات السعرية، من خلال بيع العربون، والخيار الشرعي، والوعد الملزم، مع عدم تداولها.

Keywords

الكلمات االفتتاحية: المشتقات, األسواق المالية, األوراق المالية, عقود الخيار

İslam Hukuku Açısından Opsiyon Sözleşmeleri

Abstract

Opsiyon sözleşmeleri, yatırımcıların risk ve belirsizliğin hakim olduğu bir ortamda risklere karşı korunmalarını sağlayan en önemli finansal türev araçlarından biridir. Ayrıca bu sözleşmeler kaldırca dayalı spekülatif tutumlara da yol açmaktadır. Öte yandan, bu sözleşmelerin risklere karşı korunmayı sağlayan sözleşmelere, asli itibariyle riskli sözleşmelerden geçildiği söylenmektedir. Ancak realitede, bahsi geçen riskler sözleşmenin özünde halen mevcut konumundadırlar. Buna binaen, bunlar riske dayalı kumar araçlarından başka birşey değildir. Zira bunlar tedbirli davranan kişiler ile risk ücretini ödemeyi kabul edenler tarafından alınıp satılmaktadır. Başta Körfez ülkeleri olmak üzere birçok Arap ülkesinin finansal piyasalarında opsiyon sözleşmelerinin uygulanmasına yönelik eğilimi ve işlemlerine şerî yasal bir nitelik kazandırma çabaları ışığında, bu çalışma, bahsi geçen sözleşmelerin hükmünü İslam iktisadı açısından değerlendirmektedir. Bu çalışma tümevarım ve tümdengelim olmak üzere iki metoda dayanmaktadır. Bununla birlikte, opsiyon sözleşmeleri kavramını, kökenleri ve gelişimlerini, türlerini, özelliklerini ve İslami bakış açısını ele almıştır. Neticede, bu çalışma, opsiyon sözleşmelerinin şerî açıdan caiz olmadığı sonucuna ulaşmıştır. Buna mukabil, fiyat istikrarsızlığın risklerine karşı korunmak için İslam iktisadı açısından, kaporalı satış, şerî opsiyon ve bağlayıcı vaad olmak üzere birtakım alternatifler sunulmuştur. Böylece opsiyon sözleşmelerinin alınıp satılmasına gerek kalmamaktadır.

Keywords

Türevler, Opsiyon Sözleşmeleri, Kıymetli Evraklar, الكلمات االفتتاحية: المشتقات – عقود الخيار- األوراق المالية- األسواق المالية, الكلمات االفتتاحية: المشتقات, األسواق المالية, األوراق المالية, عقود الخيار

Options contracts from an Islamic perspective

Abstract

Option contracts are an essential financial derivatives tool as they have opened the way for investors to hedge against risks in an environment characterized by risk and uncertainty. Options also enable investors to speculate based on financial leverage. However, some view options contracts to have turned from being contracts that were initially a risk to contracts for hedging against risks. In reality, options are still associated with the same risk; they are nothing but gambling tools for trading in risks, as they are sold and bought by transferring them to those who accept the risk transfer. In light of many Arab countries’ tendency toward implementing options contracts in their financial markets, especially in Gulf countries, and their attempts to provide a legal character to their transactions, this study aims to determine the ruling regarding these contracts from the perspective of Islamic economics. The study relies on inductive and deductive approaches and deals with the concept of options, their origin and development, types, characteristics, and Islam’s perspective toward them. The study has concluded that option contracts are not permissible and that Islamic economic alternatives have been developed to hedge against price-change related risks by selling the deposit and the binding promise while not putting them up for trade.

Keywords

derivatives, option contracts, securities, financial markets, Türevler, Opsiyon Sözleşmeleri, Kıymetli Evraklar, الكلمات االفتتاحية: المشتقات – عقود الخيار- األوراق المالية- األسواق المالية, الكلمات االفتتاحية: المشتقات, األسواق المالية, األوراق المالية, عقود الخيار

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