Contract” as a New Innovation for Capital Market Jurisprudential-Legal Analysis of “The Standard Parallel Salaf

Document Type : Scientific Research

Authors

1 Professor of Private Law Department, University of Tehran

2 , Assistant Professor of Law Department, Payam-e-Noor University (Corresponding Author)

3 , Assistant Professor of Law Department, Payam-e-Noor University

Abstract

 
Abstract
In order to boost the capital market, finance, and absorption and accumulation of small and scattered funds, various tools and several contracts in different countries are used in different countries. In this regard, also in Islamic countries, in addition to the use of traded contracts in financial markets of America and some European countries such as futures and options contracts, new contracts were developed within the framework of Islamic criteria in addition to the traded contracts in financial markets of America and some European countries such as futures and options contracts. One of these contracts is “parallel salaf” that has been formed to eliminate restrictions and obstacles of salaf exchange, especially the impossibility of selling the futures goods before maturity that prevents creation of the secondary market and funds absorption. “Parallel salaf”, as a strategy to be presented in the Securities and Exchange market, has taken a new shape, and has been defined as “the standard parallel salaf contract” under specified and certain criteria whilst the dynamism of the stock exchange and more participation, management and hedging transactions will be carried out. By investigating in Islamic Jurisprudence texts, objections and doubts can be raised about “the standard parallel salaf contract”. The novelty of this contract and the need to adapt it with Jurisprudential foundations - despite the absence of jurisprudential and legal sources - necessitates explanation of this contract and removing explanation of its ambiguities and legal objections in order to increase efficiency and synchronization with our country’s rights. In this article all objections to “the standard parallel salaf contract” will be raised and answered.
 

Keywords

References

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Fahimkhan, M. (2000). Islamic futures and their markets (2th Ed.). Saudi Arabia: Islamic Reacerch and Training Institute (IRTI).
Civil Law Knowledge
Volume 5, Issue 2 - Serial Number 2
February 2017
Pages 27-40

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