{"id":2222,"date":"2020-12-16T18:00:32","date_gmt":"2020-12-16T18:00:32","guid":{"rendered":"http:\/\/www.ukm.my\/jcil\/?page_id=2222"},"modified":"2020-12-16T18:14:30","modified_gmt":"2020-12-16T18:14:30","slug":"jcil-2020-52-article-6-2","status":"publish","type":"page","link":"https:\/\/www.ukm.my\/jcil\/jcil-2020-52-article-6-2\/","title":{"rendered":"JCIL 2020 5(2) Article 6"},"content":{"rendered":"

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15 DECEMBER 2020<\/p>\n

[\/et_pb_blurb][et_pb_image src=”https:\/\/www.ukm.my\/jcil\/wp-content\/uploads\/2020\/12\/Cover-JCIL-2020-52.png” title_text=”Cover JCIL 2020 5(2)” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”4.7.5″ animation_style=”slide” animation_direction=”left” animation_duration=”500ms” animation_intensity_slide=”10%”][\/et_pb_image][\/et_pb_column][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”3.25″ custom_padding=”|||” parallax__hover=”off” parallax_method__hover=”on” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”3.25″][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”3.25″ custom_padding=”|||” parallax__hover=”off” parallax_method__hover=”on” custom_padding__hover=”|||”][et_pb_text admin_label=”Tajuk” _builder_version=”4.7.5″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” module_alignment=”left”]<\/p>\n

Garis Panduan Kontrak Derivatif Berasaskan Syariah<\/b><\/h3>\n

Guideline of Derivative Contract Based On Syariah<\/h3>\n

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Mohd Hafiz Mohd Dasar,\u00a0<\/strong>hafiz@marsah.edu.my<\/em><\/span>
<\/em>Postgraduate Student, Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.<\/span>
Azlin Alisa Ahmad,\u00a0<\/strong>azlinalisa@ukm.edu.my<\/em>
<\/em>Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
Nik Abdul Rahim Nik Abdul Ghani,\u00a0<\/strong>nikrahim@ukm.edu.my<\/em>
<\/em>Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.
<\/span><\/span><\/span>Received: 09 September 2020 | Accepted: 09 November 2020 | Published: 15 December 2020<\/p>\n

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2020, Vol. 5(2), pp. 65-76. \u00a0| \u00a0<\/span>PDF<\/a><\/p>\n

[\/et_pb_text][et_pb_tabs admin_label=”Abstract & References” _builder_version=”4.7.5″ body_text_align=”justify” background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_tab title=”ABSTRAK” _builder_version=”4.7.5″ body_font=”||||” body_text_align=”justify” body_line_height=”2em” tab_font=”||||” tab_line_height=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat” body_line_height_tablet=”2em” body_line_height_phone=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em”]<\/p>\n

Kontrak derivatif merupakan kaedah pengurusan risiko atau lindung nilai yang penting dalam dunia kewangan. Namun, kontrak ini masih tidak memenuhi kehendak Syariah sepenuhnya. Spekulasi dalam pasaran derivatif merupakan isu terbesar yang menjadi perbincangan sarjana Islam masa kini. Hal ini adalah kerana spekulasi merupakan salah satu elemen yang penting dalam merancakkan pasaran derivatif. Sedangkan aktiviti spekulasi yang berlebihan telah mengundang berlakunya kejatuhan pasaran yang kritikal sekaligus menjadikan kontrak derivatif tidak selaras dengan kehendak syarak. Kajian ini adalah bertujuan untuk menganalisis elemen-elemen utama yang perlu wujud dalam kontrak derivatif bagi memastikan ianya patuh syariah. Kajian ini merupakan kajian kualitatif dengan mengambil pendekatan analisis kandungan sebagai metod kajian. Kajian ini juga menganalisis beberapa artikel jurnal dan polisi dokumen berkaitan isu derivatif. Kajian ini tertumpu pada kontrak derivatif. Hasil dari kajian mendapati terdapat elemen-elemen penting bagi memastikan kontrak derivatif dilaksanakan bertepatan dengan kehendak syariah antaranya ialah tujuan memasuki kontrak derivatif adalah untuk lindung nilai, aset dan kontrak pendasar patuh syariah, tiada pemisahan risiko dengan aset pendasar dan memberi impak ekonomi yang sebenar. Selain itu juga, konsep maslahah dan mafsadah boleh dijadikan kerangka dalam memastikan kontrak derivatif bertepatan dengan objektif syariah.\u00a0<\/span><\/p>\n

Kata kunci: Derivatif, Lindung Nilai, Pengurusan Risiko, Garis Panduan\u00a0<\/span><\/p>\n

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Derivative contract is an important risk management method or hedging in financial world. However, this contract still does not fully comply with all the shariah requirements. Speculation in the derivatives market is the biggest issue discussed among Islamic scholars nowadays. This is because speculation is one of the important elements in enliven the derivatives market. Nevertheless, excessive speculative activity has led to a critical market collapse and derivative contracts are not in line with Islamic requirements. This study aims to analyze the key elements that need to exist in derivative contracts to ensure its Shariah compliance. This study is a qualitative study by adopting content analysis approach as a method of study. The study also analyzed several journal articles and document policies on derivative issues. The study focuses on derivative contracts. The result of the study found that there are several key elements to ensure that the derivative contracts are in conformity with the shariah requirements. Among them are the purpose of entering into derivative contracts for hedging, assets and shariah-compliant underlying contracts, no risk separation with underlying assets and giving real economic impact. Besides that, the concept of maslahah and mafsadah can be used as a framework in ensuring that the derivative contracts are coincide with shariah objectives.\u00a0<\/span><\/p>\n

Keywords: Derivative, Hedging, Risk Management, Guidelines\u00a0<\/span><\/p>\n

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15 DECEMBER 2020Garis Panduan Kontrak Derivatif Berasaskan Syariah Guideline of Derivative Contract Based On SyariahMohd Hafiz Mohd Dasar,\u00a0hafiz@marsah.edu.myPostgraduate Student, Research Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.Azlin Alisa Ahmad,\u00a0azlinalisa@ukm.edu.myResearch Centre for Sharia, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia.Nik Abdul Rahim Nik Abdul Ghani,\u00a0nikrahim@ukm.edu.myResearch Centre for Sharia, Faculty of Islamic Studies, Universiti […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-2222","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/2222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/comments?post=2222"}],"version-history":[{"count":8,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/2222\/revisions"}],"predecessor-version":[{"id":2329,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/2222\/revisions\/2329"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/media?parent=2222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}