A Jurisprudential Subject Study of Tomorrow's Contracts

Document Type : Original Article

Authors

1 Ph.D. student, Jurisprudence and Principles of Islamic Law, Qom Branch, Islamic Azad University, Qom, Iran.

2 Associate Professor, Department of Jurisprudence and Principles of Islamic Law, Qom Branch, Islamic Azad University, Qom, Iran.

Abstract

Futures contracts (in the form of gold and currency) have provided a modern tool for production and profit-making for traders, becoming a crucial foundation in financial markets. However, the legal and Sharia rulings regarding these transactions have been ambiguous, with some cases falling under fraudulent practices or the acquisition of unlawful wealth. The legal-fiqhi analysis of this subject has lacked a comprehensive background, and no solutions have been proposed to overcome the Sharia obstacles. The innovation of this paper lies in its descriptive-analytical approach, which examines and critiques evidence, determines the legal and Fiqhi position of these transactions, and strengthens the arguments against their gambling nature, speculation, and illegality. Additionally, the paper emphasizes the requirement for the validity of these contracts, which is the presence of genuine and serious intention in the transaction, along with its occurrence in the form of a peace agreement and the genuine intent of both parties in the negotiation. Another objective of this article is to propose a guarantee mechanism for the criminal and legal enforcement of exiting such transactions from the domain of Sharia and law.

Keywords

Main Subjects

References

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Fiqh
Volume 30, Issue 0
September 2023
Pages 159-188

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History

  • Receive Date: 27 March 2023
  • Revise Date: 13 September 2023
  • Accept Date: 24 October 2023

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