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Document Details
Document Type
:
Article In Journal
Document Title
:
Fiqh Issues in Short Selling as Implemented in the Islamic Capital Market in Malaysia
قضايا فقهية فيما يتعلق "بالبيع القصير" كما هو مطبق في سوق المال الإسلامي بماليزيا
Document Language
:
English
Abstract
:
Islamic capital market represents an assertion of Shari`ah principles in the capital market transactions where the market should be free from any elements or activities that are prohibited in Islam. The strict adherence to Shari`ah principles also implies that all financial instruments used by transacting parties in the capital market need to be Islamic. One of the most popular and commonly used financial instruments in conventional capital market is short selling. Many finance literature assert that short-selling provides liquidity, drives down overpriced stocks and generally increases efficiency of the markets. In general, the conventional short sale is selling a stock which investor does not actually own; a transaction which would clearly violate the general Islamic rule of ‘do not sell what you do not own’. Nevertheless, the Shari`ah Advisory Council (SAC) of Malaysian Securities Commission has recently legalized the short selling instrument to be used in Islamic Capital Market in Malaysia. This paper, therefore aims to study fiqh issues surrounding the short selling instrument. Three main issues are specifically highlighted and discussed, namely the issue of bay`ma`dum (selling what the seller does not own), the eligibility of stock as object of a loan contract and benefiting from loan contract.
ISSN
:
1018-7383
Journal Name
:
Islamic Economics Journal
Volume
:
21
Issue Number
:
2
Publishing Year
:
1429 AH
2008 AD
Article Type
:
Article
Added Date
:
Sunday, January 31, 2010
Researchers
Researcher Name (Arabic)
Researcher Name (English)
Researcher Type
Dr Grade
Email
أشرف وجدي دسوقي
Dusuki, Ashraf Wajdi
Researcher
Doctorate
asyraf.w@iiu.edu.my
Files
File Name
Type
Description
24959.pdf
pdf
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