ISLAMIC EMBEDDED OPTIONS IN STRUCTURED PRODUCTS OF MALAYSIA: ISSUES AND CHALLENGES

Year 2020, Volume: 6 Issue: 1, 107 - 129, 30.06.2020

Tawfik Azrak , Dr. Hazimi Foziah

Abstract

Structured Products could be defined as savings
or investment products in which the return is linked to an underlying asset
with pre-defined features such as the maturity date, coupon date, capital
protection level (SMR Wealth Management). Islamic structured products are
essentially Shariah-compliant structured products. They bear similarities to
conventional products in terms of purpose, economic benefits and basic
structural features. The difference being that Islamic structured products
adhere to Shariah principles by avoiding riba (usury), gharar (uncertainty),
zulm (injustice), and operate holistically in a Shariah-compliant manner. This
includes utilizing Shariah contracts approved by the Shariah Advisory Council
of the Central Bank of Malaysia to structure the investment and contains
underlying assets that are permissible by Shariah. Despite having been
introduced into the industry since its establishment, implementing Islamic
structured products have many Shariah issues. Using in-depth analyses of both
the literature and several case studies for structured products in Islamic
banks in Malaysia, this paper analyzes and assesses the most important Shariah
issues surrounding Islamic structured products in Malaysia. Our findings
confirm that the current implementation of Malaysian structured products
continues to possess a number of Shariah issues, which need to be corrected by
both the banks and the industry in order to have fully Shariah-compliant
structured products to be operational in the market.

Keywords

Islamic banks, Structured products, Embedded options

MALEZYA’NIN YAPILANDIRILMŞ ÜRÜNLERİNDE İSLAMİ GÖMÜLÜ OPSİYONLAR: SORUNLAR VE ZORLUKLAR

Abstract

Yapılandırılmış Ürünler, getirinin vade tarihi,
kupon tarihi, sermaye koruma seviyesi (SMR Varlık Yönetimi) gibi önceden
tanımlanmış özelliklere sahip bir dayanak varlık ile bağlantılı olduğu tasarruf
veya yatırım ürünleri olarak tanımlanabilir. İslami yapılandırılmış ürünler
aslında İslam hukukuna uyumlu yapılandırılmış ürünlerdir. Bu ürünler amaç,
ekonomik faydalar ve temel yapısal özellikler açısından geleneksel ürünlere
benzerlik taşırlar. Aralarındaki fark, İslami yapılandırılmış ürünlerin riba
(faiz), gharar (belirsizlik), zulm (adaletsizlik)’den kaçınarak İslam hukuku
ilkelerine bağlı kalması ve bu ilkelerle uyumlu şekilde bir bütün olarak
çalışmasıdır. Bu, yatırımı yapılandırmak için Malezya Merkez Bankası Şer’i
Danışma Kurulu tarafından onaylanan İslam hukuku sözleşmelerinin kullanılmasını
ve İslam hukuku tarafından izin verilen dayanak varlıkları içerir. Kurulduğu
günden bu zamana kadar sektöre kazandırılmasına rağmen, İslami yapılandırılmış
ürünlerin uygulamalarının birçok İslam hukuku sorunu var. Bu çalışma
Malezya'daki İslami bankalarda yapılandırılmış ürünler için hem literatürün hem
de çeşitli vaka çalışmalarının derinlemesine analizlerini kullanarak bu
ürünlerin İslam hukuku açısından en önemli sorunlarının analizini ve
değerlendirmesini yapmaktadır. Çalışmanın bulguları, Malezya’da kullanılan
yapılandırılmış ürünlerin mevcut uygulamasının İslam hukuku açısından bir dizi
sorununa sahip olduğunu, bu ürünlerin piyasada İslam hukukuna tamamen uyumlu
şekilde faaliyete göstermesi için mevcut sorunların hem bankalar hem de
endüstri tarafından düzeltilmesi gerekliliğini ortaya koymaktadır.

Keywords

İslami bankalar, Yapılandırılmış ürünler, Gömülü opsiyonlar

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