Sale of Object before Due Date in Futures Contract

Document Type : Research (Normal Review)

Authors

1 Associate Professor and Head of Department of Islamic Baking at Tehran Kharazmi University

2 Graduate of the Qom Seminary and PhD in Monetary Economics at the Kharazmi University of Tehran; (Corresponding Author);s.s.tabaei@gmail.com

Abstract

Salaf or Salam (Futures Contract) is one of the types of sale and is opposite of credit transaction. According to Fuqahā (jurists) object of sale in futures contract is a general descriptive in seller’s debt which is sold for cash and for a due date. In addition to general sale rules and regulations, it is imposed special rules for this sale such as taking all prices in contractual meeting before buyer and seller separating from each other, determining the delivery time, possibility of delivering the goods at the due time and prohibition of selling the object before the due time. While expressing a valid available ʼIjmāʻ (consensus) in this issue and referring to different jurisprudential books in order to refute the claim that agreement of the jurists is weak, this article in an analytically-descriptive method and with a fundamental-applied approach has discussed the presented reasons in this sub-jurisprudence among the two major sects (of Shi’a and Sunni). Considering the effectiveness of futures contract in financing production and moving towards the removal of usury from economic relations and in order to solve problem of not-allowing the reselling of object before the due time and benefit from this contract in capital market, Islamic economists suggest the use of contracts such as compromising the object of sale, non-gratuitous donation and parallel salam. It seems, considering being appropriative of futures contract and affirmative barriers of parallel salam and non-gratuitous donation and compromise, that it is impossible to apply this type of contract in capital market due to frequent resale of object of sale in secondary market and discrepancy of traders’ mentality with three mentioned conditions for correction of parallel salaf and such solutions has conventional union with the examples.

Keywords

Main Subjects

Article Title [العربیة]

بیع المبیع قبل حلول الأجل فی عقد السلف

Abstract [العربیة]

السلف أو السلم من أقسام البیع وهو عکس النسیئة، بناء على أقوال الفقهاء فإنّ المبیع فی السلف یکون کلیا موصوفا فی ذمّة البائع، والذی یباع إلى أجل معیّن مقابل ثمن معجّل، مضافا إلى أحکام وقواعد البیع فإنّ لهذا النوع من البیع شروط وضوابط خاصة؛ منها قبض کامل الثمن فی مجلس العقد قبل التفرّق، وتعیین أجل التسلیم، وإمکان تسلیم المبیع وقت حلوله، ومنع بیع المبیع قبل حلول الأجل المعین.

یحاول هذا البحث بأسلوب تحلیلی وصفی وبمنهج بنیوی تطبیقی تقدیم تقریر صحیح للإجماع الموجود فی المسألة، وبالرجوع إلى الکتب الفقهیة فی مختلف الطبقات یدحض البحث ادعاء ضعف اتفاق الفقهاء فیها، ویبین أدلة فقهاء الفریقین فی هذا الفرع الفقهی، وبالنظر إلى فاعلیة عقد السلف فی التأمین المالی للإنتاج، وفی إطار التوجه نحو إلغاء الربا من المعاملات الاقتصادیة، یقترح الاقتصادیون المسلمون استخدام مجموعة من العقود کالصلح على المبیع والهبة المعوّضة والسلف الموازی بهدف رفع مشکلة عدم جواز إعادة بیع المبیع قبل حلول الأجل، والاستفادة من هذا النوع من البیع فی سوق الاستثمار.

بالنظر إلى تملیکیة عقد السلف وإلى الموانع الإثباتیة فی السلف الموازی والصلح والهبة المعوّضة یظهر عدم إمکانیة استخدام هذا النوع من العقود فی سوق رأس المال، وذلک بسبب عملیات إعادة البیع المتجددة والمتکررة المسلمة فی السوق الثانویة، وعدم وجود تطابق بین عقلیة المتعاملین والشروط الثلاثة المذکورة بهدف تصحیح السلف الموازی، ومثل هذا النوع من الحلول تفتقد للاتحاد العرفی مع المصادیق.

Keywords [العربیة]

  • عقد السلف
  • السلف الموازی
  • بیع المبیع قبل حلول الأجل
  • أوراق السلف

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Islamic Law, Jurisprudence and Methodology
Volume 7, Issue 1 - Serial Number 22
Articles
May 2021
Pages 97-131

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  • Receive Date: 06 October 2019
  • Revise Date: 11 December 2019
  • Accept Date: 27 May 2020

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