Options Contracts in Contemporary Financial Markets from a Jurisprudential Perspective

Abstract

This study uses the inductive analytical approach and aims to study options contracts in contemporary financial markets, and to explain their composition, types, and the jurisprudential rulings related to them, as well as the opinions of contemporary jurists in the ruling on dealing with them, especially as they are innovated contracts that have begun to develop significantly. In addition, they have raised a large number of frequently asked questions about them in the jurisprudential and economic domain. This study participates in the search for legitimate solutions to keep pace with the remarkable progress in the global and local financial markets. Among the most important findings of this study are:

• The preponderance of the opinion that they are not permissible for scientific reasons, the most important of which are: the realization of the causes for prohibition, such as the presence of trickery and the instability of the ownership.
• The correction of such contracts is possible if some controls related to proving the fact of ownership, and removing or mitigating trickery are taken into account.

The most important recommendations of the study are:

• More research on the application of financial transactions controls in Islamic jurisprudence on contemporary transactions.

Not to rush to prohibit new contracts, and to study them carefully in terms of their connection to the purposes of Sharia and the achievement of the interests of people.