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Chapter Summary

This chapter explains a critical review of the major studies which have addressed the issues of derivatives and futures trading which have given rise to differences among Muslim scholars. This review is divided into two sections: forward and futures contracts, and options contacts. The first institutional discussion about the legality of forward and futures contracts was undertaken by the Makkah-based Fiqh Academy. There are several institutional as well as individual studies addressing the legality of options contracts in a similar line to that adopted in forward and futures contracts. It should be noted, however, that Vogel and Hayes's study provides some good suggestions as to how to develop Islamic options.

Keywords: derivatives; forward contracts; futures contracts; futures trading; Islamic law; Muslim scholars; options contacts



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