Gundogdu, Ahmet Suayb,(2016), Islamic electronic trading platform on organized exchange. , Borsa _Istanbul Review, UNSPECIFIED
Text
Restricted to Repository staff only
Download (888kB) | Request a copy
Restricted to Repository staff only
Download (888kB) | Request a copy
Abstract
Today Islamic finance industry is under severe criticism, particularly, concerning liquidity management practices of treasury departments.
Since cash lending is not possible under Islamic Shari'ah, Islamic banks tend to use securitized asset related schemes which are by no means
neither acceptable under Islamic finance jurisprudence nor compliant with Maqasiq Al-Shari'ah. Maqasid Al-Shariah oversees economic activities
which produce wealth and prosperity for all members of society to empower any member with certain level of belongings to bestow
freedom while condemning inequality. Under this wider aim of Maqasid Al-Shari'ah, this paper presents alternative state-of-art Shari'ah
compliant products, which is used in international trade finance, to be migrated to electronic trading platform under organized exchange in
pursuit of replacing controversial liquidity management products. Besides, this paper introduces Islamic Commodity Future Contract, derived
from asset backed Murabaha, with physical delivery as an alternative liquidity management tool for Islamic FIs and hedging tool for companies.
Copyright © 2016, Borsa _Istanbul Anonim S¸ irketi. Production and hosting by Elsevier B.V. This is an open access article under the CC BY-NCND
license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Keywords : | Islamic finance; Islamic exchange; Islamic treasury practices; Islamic trade finance; Liquidity management; Islamic Commodity Future Contract, UNSPECIFIED |
---|---|
Journal or Publication Title: | Borsa _Istanbul Review |
Volume: | 16 |
Number: | 4 |
Item Type: | Article |
Subjects: | Ekonomi Islam |
Depositing User: | Nila Nurjanah |
Date Deposited: | 16 Dec 2019 03:58 |
Last Modified: | 16 Dec 2019 03:58 |
URI: | https://repofeb.undip.ac.id/id/eprint/161 |