Eksplorasi Transaksi Derivatif Dalam Keuangan Islam

Husni Shabri

doi:10.31958/ab.v2i2.6628

Eksplorasi Transaksi Derivatif Dalam Keuangan Islam

Husni Shabri

Abstract

This study aims to explore the application of derivative transactions in Islamic financial institutions in Indonesia, Malaysia and Pakistan. The research method uses descriptive qualitative approach with Systematic Literature Review. Data collection techniques using documentation. The results show that derivative transactions are permitted only for Future Trading on the Commodity Exchange at the Jakarta Futures Exchange which is regulated in fatwa DSN No. 82 of 2011. Derivative transactions are also allowed to hedging aims to mitigate risk in foreign exchange transactions, not for speculation. This view is also in line with the application in Malaysia and Pakistan that the practice of derivatives is only a hedging to minimize risk. The challenge faced in derivative transactions is the difficulty of operating sharia-compliant derivatives so that in the future it is hoped that there will be derivative innovations with sharia principles

Keywords

Derivative Transactions, Islamic Finance, Future Contracts

Full Text:

PDF

References

Ahmad, I., Iqbal, S., Kamran, M., & Jamil, S. (2021). A Systematic Literature Review of E-Banking Frauds: Current Scenario and Security Techniques. Linguistica Antver piensia, June(2).

Anwer, Z., & Habib, F. (2019). Re-visiting Current Debate on Shar¯ı‘ah Position of Derivatives. Journal of Islamic Business and Management (JIBM), 9(1), 64–83. https://doi.org/10.26501/jibm/2019.0901-005

Askari, H., Iqbal, Z., Krichene, N., & Mirakhor, A. (2013). Risk-sharing in Finance : The Islamic Finance Alternative. John Wiley and Sons (Asia), 26(1), 289–295.

Bacha, O. I. (1999). Derivative Instru ments and Islamic Finance: Some Thoughts for a Reconsideration. International Journal of Islamic Financial Services, 1(1), 1–33.

Bank Indoensia. (2008). PBI No.10 Tahun 2008 Tentang Transaksi Derivatif. Bank Indoensia.

Chance, D. M., & Brooks, R. (2015). Introduction to Derivatives and Risk Management. In Cengage Learning. Boston, MA. https://doi. org/10.1515/9783110440539204

Dimyati. (2015). Transaksi Derivatif Dalam Perspektif Ekonomi Syariah. Irtifaq, 3(1), 98–115.

DSN MUI. (2011). Fatwa DSN No.82 Tahun 2011 Tentang Perdagangan Komoditi Berdasarkan Prinsip Syariah di Bursa Komoditi. Himpunan Fatwa DSN MUI.

DSN MUI. (2015). Fatwa DSN No.96 Tahun 2015 Tentang Transaksi Lindung Nilai Syariah (Al-Tahawuth Al-Islami / Islamic Hedging) Atas Nilai Tukar. Himpunan Fatwa DSN MUI.

Haron, R. (2014). Derivatives , Pricing Efficiency and Gharar : Evidence on Embedded Options in Malaysia. Journal of Islamic Finance, 3(2), 39–48.

Hasan, A. (2004). Al-Auraq Al-Naqdiyah Fi Al-Iqtishad Al-Islami (Qimatuha Wa Ahkamuha), Terj. Saifurrahman Barito Dan Zulfakar Ali, Mata Uang Islami : Telaah Komprehensif Sistem Keuangan Islami. PT RajaGrafindo Persada.

Injadat, E. M. M. (2014). Futures and Forwards Contracts from Perspective of Islamic Law. Journal of Economics and Political Economy, 1(2). https://doi.org/ 10.1007/978-1-349-12761-0_27

Keffala, M. R. (2021). “How using derivative instruments and purposes affects performance of Islamic banks? Evidence from CAMELS approach”. Global Finance Journal, 50, 100520. https:// doi.org/10.1016/j.gfj.2020.100520

Kok, S. K., Giorgioni, G., & Laws, J. (2014). Derivative products and innovation in Islamic finance: A hybrid tool for risk-sharing options. International Journal of Islamic and Middle Eastern Finance and Management, 7(3), 242–257. https://doi.org/10.1108/IMEFM-07-2013-0084

Meo, M. S., Durani, F., Kouser, R., Haris, M., & Iram, T. (2022). Modern derivatives in Islamic perspectives in Pakistan: Shari’ah issues on current Islamic derivative prac tices. John Wiley & Sons Ltd, 22(2).

Mirzaqon, A., & Purwoko, B. (2018). Studi Kepustakaan Mengenai Landasan Teori Dan Praktik Konseling Expressive Writing Library. Jurnal BK UNESA, 1, 1–8.

Obaidullah, M. (1998). Financial Engineering With Islamic Options. Islamic Economic Studies, 6(1), 73–103.

Sakti, M. R. P., Syahid, A., Tareq, M. A., & Mahdzir, A. M. (2016). Shari’ah Issues, Challenges, and Prospects for Islamic Derivative: A Qualitative Study. Qualitative Research in Financial Markets, 8(2). https://doi.org/https://doi.org/10.1108/QRFM-06-2015-0024

Undang-undang No.21 Tahun 2008 Tentang Perbankan Syariah.

Uddin, M. A., & Ahmad, A. U. F. (2020). Conventional futures: derivatives in Islamic law of contract. International Journal of Law and Management, 62(4), 315–337. https://doi.org/10.1108/IJLMA-10-2017-0242

DOI: http://dx.doi.org/10.31958/ab.v2i2.6628