İslami̇ Fi̇nansta Ri̇sk Yöneti̇mi̇ne İli̇şki̇n Yeni̇ Arayişlar: Türev Ürünleri̇n Kullanimi

Abstract

Since the future cannot be known precisely, the risk factor appears in every aspect of life. Islamic finance is no stranger to the riskreward relationship in commercial life and emphasizes the risk management rather than trying to provide risk-free returns. Conventional finance claims to be positive and value-neutral. Islamic finance, however, is value-based. In other words, all activities to be carried out in this framework should comply with the rules of Islam. Financial derivatives are used for many purposes such as hedging, arbitrage between markets and speculation. While the performance of Islamic financial institutions at the global financial crisis period is promising, increasing the number of instruments that can be used against sudden shocks is a challenge for all academics, practitioners and regulators. At this stage, it is noteworthy the tendency to use effective techniques and structures in the conventional western market in conformity with the principles of Islam both letter and spiritually. On the other hand, fatwa separations in various countries and in different sects constitute a major difficulty for the establishment of binding principles. The purpose of this study is to contribute to new product development processes related to risk management by introducing the critiques on conventional futures, swap and option contracts. In the study, firstly, the principles and boundaries which reveal the general view of Islam about the economic field are mentioned. After a brief introduction of derivative products, then the reasons why contracts are considered as unfavorable are explained. Alternatively, other academic papers that will present a variety of contracting in the Islamic tradition will accelerate financial engineering work.