المشتقات المالية من أدوات للتحوط والتغطية ضد المخاطر إلى مسببات للأزمات المالية.

Abstract

The issue of financial derivatives remains one of the most controversial topics among the advocates of its use, as they think of it as the optimal solution to face the financial risks ;the institution could be exposed to (considered one of the most important innovations of financial engineering), and on the contrary, its opponents call for a cautious employment of these financial derivatives considering the great risks it might involve, which could consequently cause its users a dramatic loss and therefore triggering an economic crisis. This is what actually happened when a German group called «Mellallgesellschaft» collapsed in 1994 because of trading in derivatives (futures). bank Barings faced the same destiny in 1995 because of its involvement in dealings with unlicensed financial derivatives, therefore, the current global financial system of which some of its main pillars are "the derivatives transactions", which are mainly based on fake paper formality not on the actual exchanges of goods and services . Which is pretty much similar to the act of gambling and betting. In a nutshell, it is apparent that the current global financial system lacks the economic morality and its absolute reliance on making profit as the one and only target, hence it is imperative for the global economy to figure out some efficient ways with which new economic shakes; with dramatic impacts; could be averted. Perhaps Islamic economy may impose itself as an alternative to face this kind of financial instruments which are prohibited in its teachings, and provides us with the alternatives that allow us to deal and trade without any risks. Therefore, this research is going to highlight the concept of financial derivatives and their role in the process of hedging against the risks through exposing the major flaws of these derivatives which could trigger crisis. As a sum up, this is a humble attempt to study these financial derivatives from an Islamic perspective and provide the most suitable risk-free alternatives.