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AN EVALUATION OF DERIVATIVES IN TERMS OF ISLAMIC FINANCE MODELS

Year 2018, Volume: 8 Issue: 2, 267 - 299, 30.12.2018
https://doi.org/10.31679/adamakademi.427523

Abstract

One of the most important tools used for risk management in the financial system is derivatives. Derivatives are financial contracts created for the purpose of current trading depending on the future value of one or more assets whose qualities are determined between the two parties. However, there are various debates and disagreements about the use of these financial products in Islamic finances. Because the Islamicfinancial system is a system that has its own principles and rules beyond conventional financial understanding. The sources of these principles are Qur’an, sunnah, ijma and qiyas. As a method of this study, qualitative evaluations on literature review are included, the availability of derivative products in terms of Islamic rules is discussed, and suggestions are made by explaining alternatives which are similar to derivative contracts and appropriate for Islamic finance. 

References

  • AAOIFI (2017). Shari’ah Standards: Full Text of Shari’ah Standards for Islamic Financial Institutions. Bahrain: The Accounting and Auditing Organization for Islamic Financial Institutions.
  • Abdurrahman, Y. (2015). İslamda Bankacılık ve Finansman. Çev. S. Tuğ ve M. A. Tuğ. İstanbul, İstanbul Sebahattin Zaim Üniversitesi.
  • Aktepe, İ. E. (2015). Sorularla Katılım Bankacılığı. İstanbul: Türkiye Katılım Bankaları Birliği Yayın No: 4.
  • Al-Bashir, M. & Al-Amine, M. (Eds.). (2013). Risk and Derivatives in Islamic Finance: A Shariah Analysis. New Jersey: John Wiley & Sons Ltd. 331-352.
  • Askari, H., Iqbal, Z., Krichene, N. & Mirakhor, A. (2010). The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future. Singapore: John Wiley & Sons.
  • Aydın, N., Başar, M. & Coşkun, M. (2015). Finansal Yönetim. Ankara: Detay Yayıncılık.
  • Ayoub, S. (2014). Derivatives in Islamic Finance: Examinig the Market Risk Management Framework. Edinburg: Edinburg University Press.
  • Ayub, M. (2017). İslami Finansı Anlamak. Çev. S. A. Çürük ve R. Parlakkaya. İstanbul: İktisat Yayınları.
  • Bacha, O. I. (1999). Derivative Instruments and Islamic Finance: Some Thoughts for A Reconsideration. International Journal of Islamic Financial Services, 1(1).
  • Bacha, O. I. & Mirakhor, A. (2013). Islamic Capital Markets: A Comperative Approach. Singapore: John Wiley & Sons.
  • Bayındır, A. (2007). Ticaret ve Faiz. İstanbul: Süleymaniye Vakfı.
  • Bilgili, F. & Demirkapı, E. (2014). Hukukun Temel Kavramları. Bursa: Dora Yayınevi.
  • Bolak, M. (2004). Risk ve Yönetimi. İstanbul: Birsen Yayınevi.
  • Brealey, R. A., Myers, S. C. & Marcus, A. J. (2007). Fundamentals of Corporate Finance. Çev. Ü. Bozkurt, T. Arıkan ve H. Doğukanlı. İstanbul: Literatür Yayıncılık.
  • Buhari, İ. (2008). Sahih-i Buhari Muhtasarı. Çev. A. Durmuş ve diğerler. İstanbul: Polen Yayınları.
  • Ceylan, A. & Korkmaz, T. (2013). İşletmelerde Finansal Yönetim. Bursa: Ekin Basım Yayın.
  • Dali, N. R. S. M. & Ahmad, S. (2006). A Review of Forward, Futures, and Options From The Shariah Perspective: From Complexity to Simplicity. Seminar Ekonomi & Kewangan Islam (SEKI 2005) Conference, ESSET Bangi, 29-30 August 2005.
  • Dede, K. (2017). Katılım Bankalarında Hazine Ürünleri ve Sermaye Piyasası Uygulamaları. İstanbul: TKBB Yayınları Yayın No:5.
  • Döndüren, H. (2016). Ticaret ve İktisat İlmihali. İstanbul: Erkam Yayınları.
  • Eales, B. & Choudhry, M. (2003). Derivative Instruments: A Guide to Theory and Practice. Burlington: Butterworth-Heinemann Finance.
  • Erdinç, Y. (2015). 36/42 Para Harekatı: Krizlerin Belgesel Romanı. İstanbul: Scala Yayıncılık.
  • Faisal, Y. A. (2016). Islamic Derivatives in Indonesia: A Study on Indonesian Ulama Council (MUI)’s Fatwa on Tahawwut (Hedging). İslam Ekonomisi ve Finansı Dergisi, 2(2), 35-61.
  • Gogoncea, R. & Paun, I. D. (2013). Pros and Cons of Using Derivatives. Theoretical and Applied Economics, 20(9), 87-102. http://www.iifm.net/published-standards (20.02.2018).
  • ICD-Thomson Reuters (2017). Islamic Finance Development Report 2017: Towards Sustainability. ICD-Thomson Reuters.
  • Injadat, E. M. M. (2014). Futures and Forwards Contracts from Perspective of Islamic Law. Journal of Economics and Political Economy, 1(2), 241-252.
  • Iqbal, I., Kunhibava, S. & Dusuki, A. W. (2012). Application of Options in Islamic Finance. International Shari’ah Research Academy for Islamic Finance, Research Paper No: 46/2012.
  • Jobst, A. A. & Sole, J. (2012). Operative Principles of Islamic Derivatives: Towards a Coherent Theory. IMF Working Paper, WP/12/63.
  • Kamali, M. H. (1995). Islamic Commercial Law: An Analysis of Options. The American Journal of Islamic Social Sciences, 14(3), 17-37.
  • Khan, M. F. (1997). Islamic Futures and Their Markets. Islamic Research and Training Institute (IRTI), Islamic Development Bank, Research Paper No. 32.
  • Koppenhaver, G. D. (Eds.). (2010). Derivative Instruments: Forwards, Futures, Options, Swaps and Structured Products. New Jersey: The Robert W. Kolb Series in Finance, JohnWiley & Sons, Inc. 3-20.
  • Krichene, N. (2013). Islamic Capital Markets: Theory and Practice. Singapore: John Wiley & Sons.
  • Kunhibava, S. (2010). Derivatives in Islamic Finance. International Shari’ah Research Academy for Islamic Finance, Research Paper No: 7/2010.
  • Malkawi, B. H. (2014). Financial Derivatives between Western Legal Tradition and Islamic Finance: A Comparative Approach. Journal of Banking Regulation, 15(1), 41–55.
  • Obaidullah, M. (1998). Financial Engineering with Islamic Options. Islamic Economic Studies, 6(1), pp. 73-103.
  • Okka, O. (2010). Finansal Yönetim Teori ve Çözümlü Problemler. Ankara: Nobel Yayın Dağıtım.
  • Omar, M. A., Abduh, M. & Sukmana, R. (2013). Fundamentals of Islamic Money and Capital Markets. Singapore: John Wiley & Sons.
  • Rizvi, S. A. R. & Lahsasna, A. (2012). Derivatives in Islamic Finance: The Need and Mechanisms Available for Islamic Financial Markets. Second International Shari’ah Research Academy for Islamic Finance (ISRA), 27.11.2012.
  • Salehabadi, A. & Aram, M. (2002). Islamic Justification of Derivative Instruments. International Journal of Islamic Financial Services, 4(3).
  • Saltoğlu, B. (2016). Türev Araçlar, Piyasalar ve Risk Yönetimi. İstanbul: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu.
  • Şener, A. (1981). Kıyas İstihsan İstıslah. Ankara: Gaye Matbaacılık.
  • TKBB (2018). Dünya İnsani Finansı Konuştu. Katılım Finans Dergisi, 2(5), 22-28.
  • Uberoi, P. & Evans, N. (2008). Profit Rate Swap. http://www.allenovery.com/archive/Documents/Legacy/47753.pdf (20.01.2018).
  • Uberoi, P. & Khadem, A. R. (2011). Islamic Derivatives: Past, Present, and Future. Islamic Capital Markets: Products and Strategies (ss.147-170). United Kingdom: John Wiley & Sons.
  • Visser, H. (2009). Islamic Finance: Principles and Practice. USA: Edward Elgar Publishing.
  • Yanpar, A. (2015). İslami Finans: İlkeler Araçlar ve Kurumlar. İstanbul: Scala Yayıncılık.

TÜREV ÜRÜNLERİN İSLAMİ FİNANS MODELLERİ AÇISINDAN DEĞERLENDİRİLMESİ

Year 2018, Volume: 8 Issue: 2, 267 - 299, 30.12.2018
https://doi.org/10.31679/adamakademi.427523

Abstract

Finansal sistemde risk yönetimi için kullanılan en önemli araçlardan biri türev ürünlerdir. Türev ürünler; iki taraf arasında nitelikleri önceden belirlenmiş bir ya da daha fazla varlığın gelecekteki değerine bağlı olarak bugünden alım satımının yapılması için oluşturulan finansal sözleşmelerdir. Ancak bu ürünlerin İslami finansta kullanımına ilişkin çeşitli tartışmalar ve görüş ayrılıkları bulunmaktadır. Çünkü İslami finans sistemi, konvansiyonel finans anlayışının ötesinde, kendine has ilkeleri ve kuralları olan ve kaynağını da Kuran-ı Kerim, sünnet, icma ve kıyastan alan bir sistemdir. Çalışmada yöntem olarak literatür taraması üzerine kalitatif değerlendirmelere yer verilerek İslami açıdan türev ürünlerin kullanılabilirliği tartışılmakta ve türev sözleşmelere benzer İslami finansa uygun alternatifler açıklanarak önerilerde bulunulmuştur.

References

  • AAOIFI (2017). Shari’ah Standards: Full Text of Shari’ah Standards for Islamic Financial Institutions. Bahrain: The Accounting and Auditing Organization for Islamic Financial Institutions.
  • Abdurrahman, Y. (2015). İslamda Bankacılık ve Finansman. Çev. S. Tuğ ve M. A. Tuğ. İstanbul, İstanbul Sebahattin Zaim Üniversitesi.
  • Aktepe, İ. E. (2015). Sorularla Katılım Bankacılığı. İstanbul: Türkiye Katılım Bankaları Birliği Yayın No: 4.
  • Al-Bashir, M. & Al-Amine, M. (Eds.). (2013). Risk and Derivatives in Islamic Finance: A Shariah Analysis. New Jersey: John Wiley & Sons Ltd. 331-352.
  • Askari, H., Iqbal, Z., Krichene, N. & Mirakhor, A. (2010). The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future. Singapore: John Wiley & Sons.
  • Aydın, N., Başar, M. & Coşkun, M. (2015). Finansal Yönetim. Ankara: Detay Yayıncılık.
  • Ayoub, S. (2014). Derivatives in Islamic Finance: Examinig the Market Risk Management Framework. Edinburg: Edinburg University Press.
  • Ayub, M. (2017). İslami Finansı Anlamak. Çev. S. A. Çürük ve R. Parlakkaya. İstanbul: İktisat Yayınları.
  • Bacha, O. I. (1999). Derivative Instruments and Islamic Finance: Some Thoughts for A Reconsideration. International Journal of Islamic Financial Services, 1(1).
  • Bacha, O. I. & Mirakhor, A. (2013). Islamic Capital Markets: A Comperative Approach. Singapore: John Wiley & Sons.
  • Bayındır, A. (2007). Ticaret ve Faiz. İstanbul: Süleymaniye Vakfı.
  • Bilgili, F. & Demirkapı, E. (2014). Hukukun Temel Kavramları. Bursa: Dora Yayınevi.
  • Bolak, M. (2004). Risk ve Yönetimi. İstanbul: Birsen Yayınevi.
  • Brealey, R. A., Myers, S. C. & Marcus, A. J. (2007). Fundamentals of Corporate Finance. Çev. Ü. Bozkurt, T. Arıkan ve H. Doğukanlı. İstanbul: Literatür Yayıncılık.
  • Buhari, İ. (2008). Sahih-i Buhari Muhtasarı. Çev. A. Durmuş ve diğerler. İstanbul: Polen Yayınları.
  • Ceylan, A. & Korkmaz, T. (2013). İşletmelerde Finansal Yönetim. Bursa: Ekin Basım Yayın.
  • Dali, N. R. S. M. & Ahmad, S. (2006). A Review of Forward, Futures, and Options From The Shariah Perspective: From Complexity to Simplicity. Seminar Ekonomi & Kewangan Islam (SEKI 2005) Conference, ESSET Bangi, 29-30 August 2005.
  • Dede, K. (2017). Katılım Bankalarında Hazine Ürünleri ve Sermaye Piyasası Uygulamaları. İstanbul: TKBB Yayınları Yayın No:5.
  • Döndüren, H. (2016). Ticaret ve İktisat İlmihali. İstanbul: Erkam Yayınları.
  • Eales, B. & Choudhry, M. (2003). Derivative Instruments: A Guide to Theory and Practice. Burlington: Butterworth-Heinemann Finance.
  • Erdinç, Y. (2015). 36/42 Para Harekatı: Krizlerin Belgesel Romanı. İstanbul: Scala Yayıncılık.
  • Faisal, Y. A. (2016). Islamic Derivatives in Indonesia: A Study on Indonesian Ulama Council (MUI)’s Fatwa on Tahawwut (Hedging). İslam Ekonomisi ve Finansı Dergisi, 2(2), 35-61.
  • Gogoncea, R. & Paun, I. D. (2013). Pros and Cons of Using Derivatives. Theoretical and Applied Economics, 20(9), 87-102. http://www.iifm.net/published-standards (20.02.2018).
  • ICD-Thomson Reuters (2017). Islamic Finance Development Report 2017: Towards Sustainability. ICD-Thomson Reuters.
  • Injadat, E. M. M. (2014). Futures and Forwards Contracts from Perspective of Islamic Law. Journal of Economics and Political Economy, 1(2), 241-252.
  • Iqbal, I., Kunhibava, S. & Dusuki, A. W. (2012). Application of Options in Islamic Finance. International Shari’ah Research Academy for Islamic Finance, Research Paper No: 46/2012.
  • Jobst, A. A. & Sole, J. (2012). Operative Principles of Islamic Derivatives: Towards a Coherent Theory. IMF Working Paper, WP/12/63.
  • Kamali, M. H. (1995). Islamic Commercial Law: An Analysis of Options. The American Journal of Islamic Social Sciences, 14(3), 17-37.
  • Khan, M. F. (1997). Islamic Futures and Their Markets. Islamic Research and Training Institute (IRTI), Islamic Development Bank, Research Paper No. 32.
  • Koppenhaver, G. D. (Eds.). (2010). Derivative Instruments: Forwards, Futures, Options, Swaps and Structured Products. New Jersey: The Robert W. Kolb Series in Finance, JohnWiley & Sons, Inc. 3-20.
  • Krichene, N. (2013). Islamic Capital Markets: Theory and Practice. Singapore: John Wiley & Sons.
  • Kunhibava, S. (2010). Derivatives in Islamic Finance. International Shari’ah Research Academy for Islamic Finance, Research Paper No: 7/2010.
  • Malkawi, B. H. (2014). Financial Derivatives between Western Legal Tradition and Islamic Finance: A Comparative Approach. Journal of Banking Regulation, 15(1), 41–55.
  • Obaidullah, M. (1998). Financial Engineering with Islamic Options. Islamic Economic Studies, 6(1), pp. 73-103.
  • Okka, O. (2010). Finansal Yönetim Teori ve Çözümlü Problemler. Ankara: Nobel Yayın Dağıtım.
  • Omar, M. A., Abduh, M. & Sukmana, R. (2013). Fundamentals of Islamic Money and Capital Markets. Singapore: John Wiley & Sons.
  • Rizvi, S. A. R. & Lahsasna, A. (2012). Derivatives in Islamic Finance: The Need and Mechanisms Available for Islamic Financial Markets. Second International Shari’ah Research Academy for Islamic Finance (ISRA), 27.11.2012.
  • Salehabadi, A. & Aram, M. (2002). Islamic Justification of Derivative Instruments. International Journal of Islamic Financial Services, 4(3).
  • Saltoğlu, B. (2016). Türev Araçlar, Piyasalar ve Risk Yönetimi. İstanbul: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu.
  • Şener, A. (1981). Kıyas İstihsan İstıslah. Ankara: Gaye Matbaacılık.
  • TKBB (2018). Dünya İnsani Finansı Konuştu. Katılım Finans Dergisi, 2(5), 22-28.
  • Uberoi, P. & Evans, N. (2008). Profit Rate Swap. http://www.allenovery.com/archive/Documents/Legacy/47753.pdf (20.01.2018).
  • Uberoi, P. & Khadem, A. R. (2011). Islamic Derivatives: Past, Present, and Future. Islamic Capital Markets: Products and Strategies (ss.147-170). United Kingdom: John Wiley & Sons.
  • Visser, H. (2009). Islamic Finance: Principles and Practice. USA: Edward Elgar Publishing.
  • Yanpar, A. (2015). İslami Finans: İlkeler Araçlar ve Kurumlar. İstanbul: Scala Yayıncılık.
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Hilmi Tunahan Akkuş

Şakir Sakarya

Publication Date December 30, 2018
Submission Date May 27, 2018
Published in Issue Year 2018 Volume: 8 Issue: 2

Cite

APA Akkuş, H. T., & Sakarya, Ş. (2018). TÜREV ÜRÜNLERİN İSLAMİ FİNANS MODELLERİ AÇISINDAN DEĞERLENDİRİLMESİ. Adam Academy Journal of Social Sciences, 8(2), 267-299. https://doi.org/10.31679/adamakademi.427523

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