The Fundamental Challenges Concerning the Legitimacy of Forex Futures Transactions in Imāmī Jurisprudence

Yusefi, Mohsen

doi:10.22034/jrj.2025.71597.2975

The Fundamental Challenges Concerning the Legitimacy of Forex Futures Transactions in Imāmī Jurisprudence

Document Type : Research (Fast Track Review)

Author

Mohsen Yusefi

Institute of Islamic Jurisprudence and Sciences

10.22034/jrj.2025.71597.2975

Abstract

The foreign exchange (Forex) market, as the largest financial market in the world, records a daily turnover exceeding six trillion US dollars, a substantial portion of which relates to currency futures transactions conducted through futures contracts and forward agreements. Given the importance of such transactions for risk management and exchange-rate stabilization, examining their legitimacy within Imāmī jurisprudence is of considerable significance.
Within the structure of the Forex market operating in Iran—particularly in certain private brokerage firms—there is often no direct linkage to the international interbank market. Even where such a connection is claimed, no actual transfer or delivery of currency occurs; rather, only price differentials are settled. This reality, whether framed in a promissory (ʿahdī) model—based on a commitment to transact in the future—or in a proprietary (milkī) model—potentially falling under the category of bayʿ al-kālīʾ bi al-kālīʾ (deferred-for-deferred sale)—gives rise to several jurisprudential objections. These include fictitiousness (form without substantive exchange), wrongful appropriation of property (akl al-māl bi al-bāṭil), and the non-binding character of preliminary undertakings.
Adopting an analytical and inferential approach grounded in the sources of Imāmī jurisprudence, the present study argues that, in the promissory (ʿahdī) model, the absence of genuine contractual intent constitutes a fundamental obstacle to validity, while in the proprietary (milkī) model, the prohibition associated with deferred-for-deferred sale presents a significant impediment.
Nevertheless, through juristic restructuring of the settlement mechanism, the establishment of a Sharʿī-compliant clearinghouse, and recourse to alternative contractual forms (ʿuqūd)—such as stipulations within a contract (sharṭ ḍimn al-ʿaqd), conditional salaf, and obligational compromise (muṣālaḥah al-taʿahhudīyyah)—it may be possible to align certain forms of such transactions with the principles of Imāmī jurisprudence.

Keywords

Main Subjects

Jurisprudence of Economics

Article Title [العربیة]

التحدیات الأساسیة لمشروعیة معاملات "الفورکس" الآجلة فی فقه الإمامیة

Abstract [العربیة]

یُعدّ الفورکس أضخم سوق مالیة فی العالم، حیث یتجاوز حجم تداوله الیومی ستة تریلیونات دولار، ویُخصص جزء کبیر منه للمعاملات النقدیة الآجلة ضمن إطار المواعدات الآجلة والعقود الآجلة. ونظراً لأهمیة هذه المعاملات فی إدارة المخاطر وتثبیت أسعار الصرف، فقد أضحى البحث فی مشروعیتها ومدى انطباقها مع الموازین الفقهیة لدى الإمامیة أمراً ضروریاً.
ومع ذلک، فإن بنیة الفورکس الناشط فی إیران -ولا سیما فی شرکات الوساطة الخاصة- تفتقر غالباً إلى الاتصال المباشر بسوق المصارف الدولیة؛ وحتى فی حال وجود هذا الاتصال، فإن المعاملة الحقیقیة وتسلیم العملة لا یتمّان، بل یجری تسویة فوارق الأسعار المعلنة فحسب. وهذا الوضع، سواء فی النموذج العهدی (التعهد بالمعاملة فی المستقبل) أو فی النموذج الملکی (البیع الکالی بالکالی)، یمهّد الطریق لإشکالات فقهیة، من قبیل: صوریة المعاملة، وأکل المال بالباطل، وعدم لزوم التعهدات الابتدائیة.
یخلصُ البحثُ الحالی -بمنهجه التحلیلی الاستنباطی والقائم على مصادر فقه الإمامیة- إلى أنَّ انتفاء القصد الواقعی فی النموذج العهدی، وشمول عنوان بیع الکالی بالکالی فی النموذج الملکی، یشکلان مانعاً أمام المشروعیة. ومع ذلک، یمکن توفیر الأرضیة اللازمة لمطابقة هذه المعاملات مع موازین فقه الإمامیة، وذلک من خلال: إعادة التصمیم الفقهی لآلیة التسویة، وتأسیس غرفة مقاصة شرعیة، والاستعاضة عن العقود الإشکالیة بعقود بدیلة، مثل "الشرط ضمن العقد"، و"السلف المشروط"، و"المصالحة التعهدیة.

Keywords [العربیة]

سوق الفورکس
المعاملات الآجلة
الصوریة
أکل المال بالباطل
لزوم العقد

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