Hedging’s Instrument According To Syafie Scholars
Instrumen Lindung Nilai Menurut Pandangan Mazhab Syafie
Keywords:
Hedging, Finance, Risk, Management, SyafieAbstract
The concept of hedging has been understood in the conventional financial system and Islamic financial system has the same purpose of managing risk. The scholars of Islam agree that the law of protection must be in shariah because it brings about the maslahah and fulfills the objective principles of shariah. Nonetheless, the concept of the preservation of this property was accepted by scholars of the Syafie’s scholar in accordance with the general principles in Islam that celebrate the well-being of the people. However, the application of the concept of hedging in the Islamic financial system must be differ from the conventional financial system so that it does not conflict with the guidelines contained in the Quran and the Sunnah which rejects any harms. Therefore, this paper aims to evaluate the true position of the concept of hedge-based Islamic jurisprudence and then propose a hedging parameter in line with Shariah principles This study uses a qualitative approach using data collection techniques by document analysis and interviews with Shariah. The results show that Islam recognizes the concept of hedging as one of the risk management methods, but its acceptance is bound by the fact that it adheres to established guidelines. The study is expected to provide useful inputs especially to the Islamic financial industry in the pursuit of more Shariah-compliant hedging instruments.
Abstrak
Konsep lindung nilai yang difahami dalam sistem kewangan konvensional dan sistem kewangan Islam mempunyai tujuan yang sama iaitu untuk mengurus risiko. Para sarjana Islam bersetuju bahawa hukum lindung nilai adalah harus di sisi syarak kerana mendatangkan maslahah dan memenuhi prinsip objektif syariat. Sungguhpun begitu, konsep yang menjurus kepada penjagaan harta ini diterima oleh para sarjana Mazhab Syafie sesuai dengan prinsip umum dalam Islam yang meraikan kemaslahatan ummat. Walau bagaimanapun, pengaplikasian konsep lindung nilai dalam sistem kewangan Islam perlu berbeza daripada sistem kewangan konvensional agar ia tidak bertentangan dengan panduan yang terkandung dalam al-Quran dan al-Sunnah yang menolak kemudaratan. Justeru itu, penulisan ini bertujuan menilai kedudukan sebenar konsep lindung nilai menurut syarak dan kemudian mencadangkan parameter lindung nilai yang selaras dengan prinsip Syariat. Kajian ini menggunakan pendekatan kualitatif, dengan teknik kutipan data secara analisis dokumen dan temubual bersama pakar Syariah. Hasil kajian mendapati Islam mengiktiraf konsep lindung nilai sebagai salah satu kaedah pengurusan risiko, namun penerimaannya adalah terikat dengan syarat pematuhan kepada panduan yang telah ditetapkan. Kajian ini diharapkan dapat memberikan input yang berguna khususnya kepada industri kewangan Islam dalam usaha mewujudkan lebih banyak instrumen lindung nilai patuh syariat.
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