The Concept of Hedging Instrument Forward In Islamic Economic Perspective

Bambang Hidayat; Ayu Rahayu Nurhalizah; Andriani Samsuri; Eka Nurjannah

doi:10.30736/jesa.v7i1.282

The Concept of Hedging Instrument Forward In Islamic Economic Perspective

Authors

Bambang Hidayat Universitas Islam Negeri Sunan Ampel Surabaya
Ayu Rahayu Nurhalizah Universitas Islam Negeri Sunan Ampel Surabaya
Andriani Samsuri Universitas Islam Negeri Sunan Ampel Surabaya
Eka Nurjannah Universitas Islam Negeri Sunan Ampel Surabaya

DOI:

https://doi.org/10.30736/jesa.v7i1.282

Keywords:

forward agreement, islamic hedging, muwaâ€™adah

Abstract

This research aims at explaining more in-depth about Islamic hedging related to the problem of muwaâ€™adah status in Islamic hedging. The use of muwaâ€™adah as an Islamic hedging instrument which promises to carry out transactions in the future, actually still becomes a subject of debate since there are some different opinions about whether or not it is permissible to carry out the concept of muwaâ€™adah in a transaction. This research is descriptive qualitative research and uses qualitative data analysis, by conducting a direct analysis of the hedging scheme through the process of data reduction, data display, and verification. The results of this study reveal that in sharia hedging, swap and forward contracts should not be used, because swaps and forwards contain elements of usury. While the option contract contains speculation (maysir). If the forbidden aspects (haram) in â€˜forwardâ€™ and â€˜swapâ€™ instruments are analyzed, generating al-sharf al-ajil and maysir (khathar/speculation), then the alternatives are 1) forward agreement by way of a price-fixing agreement; 2) bayâ€™ al-iltizam; 3) bayâ€™ al-â€˜urbun; and 4) al-bayâ€™ bi al-shart.

References

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Published

2022-02-28

How to Cite

Hidayat, B., Nurhalizah, A. R., Samsuri, A., & Nurjannah, E. (2022). The Concept of Hedging Instrument Forward In Islamic Economic Perspective. JES (Jurnal Ekonomi Syariah), 7(1), 87–94. https://doi.org/10.30736/jesa.v7i1.282

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Issue

Vol. 7 No. 1 (2022): Maret

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Articles

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