إشكالية استخدام المشتقات المالية كأداة للتحوط من المخاطر في ظل الأزمات دراسة مقارنة بين المشتقات المالية التقليدية والصكوك الإسلامية

Abstract

One of the dominant features of financial markets over the past decade has been the fantastic development of products not only in terms of volume but also in terms of types of contracts. Derivatives have also been much stronger than conventional financial transactions , which themselves exceed the growth or production of merchandise trade expansion. According to a census of the Bank for International Settlements and the information professional organizations, outstanding nominal derivatives of any kind products (including operations and derivatives traders on goods ) reached about 84,000 billion, which is higher than the total market capitalization broadly in major developed countries amount. It is almost three times the global gross domestic product (GDP) In other side Islamic finance has realized a great development in finance and investments fields, which lead to increase interest in the Islamic financial products in the banking activities and the different economic transactions, so that we find Sukuk one of the most important products, this latter has a great importance in the international financial markets, as it becomes a competitor to the traditional securities and it is available for all, individuals, companies and governments across the world, and like other securities, it confronts different risks, also it is affected by the Universal environment, in this respect this paper will treat financial engineering which used to manage Islamic sukuk risks and the effects of the last finance crisis on Islamic sukuk market , and this can be seen as follows: what is the financial engineering, the different kinds of Islamic sukuk, sukuk’s risks, managing sukuk’s risks and finally the effect of the financial crisis on the sukuk market.