Instrumen Derivatif dan Mekanisme Hedging dalam Perspektif Syariah Islam
DOI:
https://doi.org/10.24090/mnh.v2i2.3692Keywords:
manajemen resiko, hedging, instrument derivatifAbstract
The application of derivative instruments have been broadly expanded. As a hedging instrument, it is now becomes so far as an investment instrument that traded in the market in massive volume. Major of Islamic scholars have found them to be objectionable based on the juridical nature of contractual arrangements. This paper explains the expanding function of contemporary derivatives and reviews the scholars legal point of view. This paper also defines the basic norms of Islamic financial ethics as the guidance for developing Islamic financial instrument. In the last section of this paper examines alternative for Islamic hedging based on salam and al-khiyar principles, which completed by syariah insurance.Downloads
Download data is not yet available.
References
Abu Zahrah, Muhammad., Ushul Fiqh, terj. Saefullah Ma’shum et all. Jakarta: Pustaka Firdaus, 2000.
Agustianto, â€Telaah terhadap Akar Krisis Keuangan Global: Bubble Economy dan Fenomena Ribawi (Bagian 3).†www.agustianto.niriah.com. Diakses tanggal 14 September 2008.
Al Mushlih, Abdullah dan Shalah ash Shawi. Fiqh Ekonomi Keuangan Islam, terj. Abu Umar Basyir. Jakarta: Darul Haq, 2004.
Bacha, Obiyathullah Ismath. “Derivative Instruments and Islamic Finance: Some Thoughts for a Reconsideration.†International Journal of Islamic Financial Services, Vol. 1, No. 1.
El Gari, Mohammed Ali.“Towards an Islamic Financial Market.†Islamic Economics Studies, Vol. 1, No. 1 (1993).
Karim, Adiwarman A. â€Perspektif Islam tentang Pasar Modal.†Makalah pelatihan manajemen dan operasional lembaga keuangan syari’ah, 20-22 November 2002.
Khan, Fahim. “Islamic Futures and Their Market.†Research Paper No 32. Jeddah: IRTI-IDB, t.t.
Kamali, Muhammad Hashim. “Islamic Law: An Analysis of Option,†paper dalam Conference on Interest Free Islamic Banking Products yang diselenggarakan oleh Institut of Islamic Understanding Malaysia pada 21 Desember 1995.
Obaidullah, Muhammed. “ Financial Engineering with Islamic Options.†Islamic Economic Studies, Vol. 6, No.2 (1993).
Obaidullah, Muhammed. “Financial Options in Islamic Contracts: Potential Tool of Risk Management.†Journal of Islamic Economics, Vol. 6, No.1 (1993).
Obaidullah, Muhammed. “Futures, Options, Swaps and Equity Instruments: Response of Mufti Muhammad Taqi Usmani.†New Horizon, Juni, 1996.
Obaidullah, Muhammed. “Islamic Risk Management: Toward Greater Ethics and Efficiency.†International Journal of Islamic Financial Services, Vol. 3, No.4.
Syahatah, Husain dan Siddiq Muh. Al Amin adh Dhahir. Transaksi dan Etika Bisnis Islam, terj. Saptono Budi Satriyo dan Fauziah R. Jakarta: Visi Insani Publishing, 2005
Anonim, â€Seminar Nasional Perdagangan Berjangka Komoditi Ditinjau dari Segi Hukum Islam†dalam www.bappepti.com. Diakses tanggal 11 Agustus 2008.
Umar, Muhammad Abdul Halim. “Shariah, Economics and Accounting Framework of Bay al-Salam in the Light of Contemporary Application.†Research Paper No. 33. Jeddah: IRTI-IDB, 1995.
Yasni, Muhammad Gunawan. “Kritik Syariah terhadap Transaksi Murabahah Commodity Bank-Bank Asing,†dalam www.mgyasni.niriah.com. Diakses tanggal 14 September 2008.
Agustianto, â€Telaah terhadap Akar Krisis Keuangan Global: Bubble Economy dan Fenomena Ribawi (Bagian 3).†www.agustianto.niriah.com. Diakses tanggal 14 September 2008.
Al Mushlih, Abdullah dan Shalah ash Shawi. Fiqh Ekonomi Keuangan Islam, terj. Abu Umar Basyir. Jakarta: Darul Haq, 2004.
Bacha, Obiyathullah Ismath. “Derivative Instruments and Islamic Finance: Some Thoughts for a Reconsideration.†International Journal of Islamic Financial Services, Vol. 1, No. 1.
El Gari, Mohammed Ali.“Towards an Islamic Financial Market.†Islamic Economics Studies, Vol. 1, No. 1 (1993).
Karim, Adiwarman A. â€Perspektif Islam tentang Pasar Modal.†Makalah pelatihan manajemen dan operasional lembaga keuangan syari’ah, 20-22 November 2002.
Khan, Fahim. “Islamic Futures and Their Market.†Research Paper No 32. Jeddah: IRTI-IDB, t.t.
Kamali, Muhammad Hashim. “Islamic Law: An Analysis of Option,†paper dalam Conference on Interest Free Islamic Banking Products yang diselenggarakan oleh Institut of Islamic Understanding Malaysia pada 21 Desember 1995.
Obaidullah, Muhammed. “ Financial Engineering with Islamic Options.†Islamic Economic Studies, Vol. 6, No.2 (1993).
Obaidullah, Muhammed. “Financial Options in Islamic Contracts: Potential Tool of Risk Management.†Journal of Islamic Economics, Vol. 6, No.1 (1993).
Obaidullah, Muhammed. “Futures, Options, Swaps and Equity Instruments: Response of Mufti Muhammad Taqi Usmani.†New Horizon, Juni, 1996.
Obaidullah, Muhammed. “Islamic Risk Management: Toward Greater Ethics and Efficiency.†International Journal of Islamic Financial Services, Vol. 3, No.4.
Syahatah, Husain dan Siddiq Muh. Al Amin adh Dhahir. Transaksi dan Etika Bisnis Islam, terj. Saptono Budi Satriyo dan Fauziah R. Jakarta: Visi Insani Publishing, 2005
Anonim, â€Seminar Nasional Perdagangan Berjangka Komoditi Ditinjau dari Segi Hukum Islam†dalam www.bappepti.com. Diakses tanggal 11 Agustus 2008.
Umar, Muhammad Abdul Halim. “Shariah, Economics and Accounting Framework of Bay al-Salam in the Light of Contemporary Application.†Research Paper No. 33. Jeddah: IRTI-IDB, 1995.
Yasni, Muhammad Gunawan. “Kritik Syariah terhadap Transaksi Murabahah Commodity Bank-Bank Asing,†dalam www.mgyasni.niriah.com. Diakses tanggal 14 September 2008.
Downloads
Published
12-12-2008
How to Cite
Kusumastuti, D. (2008). Instrumen Derivatif dan Mekanisme Hedging dalam Perspektif Syariah Islam. Al-Manahij: Jurnal Kajian Hukum Islam, 2(2), 227–246. https://doi.org/10.24090/mnh.v2i2.3692
Issue
Section
ARTICLES
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
