An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective

Purpose: This paper aims to discuss the topic of financial speculation with special reference to forex and offers an analysis from the Maqasid Al-Shari’ah perspective, whereby authors propose to limit the outreach of speculative instruments in the financial markets. Design/methodology/approach: The...

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Main Authors:	Rafikov, Ildus, Saiti, Buerhan
Format:	Article
Language:	English English English
Published:	Emerald Publishing Limited 2017
Subjects:	HG4501 Stocks, investment, speculation
Online Access:	http://irep.iium.edu.my/54512/ http://irep.iium.edu.my/54512/ http://irep.iium.edu.my/54512/ http://irep.iium.edu.my/54512/1/54512_An%20analysis%20of%20financial%20speculation.pdf http://irep.iium.edu.my/54512/2/54512_An%20analysis%20of%20financial%20speculation_SCOPUS.pdf http://irep.iium.edu.my/54512/13/54512_An%20analysis%20of%20financial%20speculation_WOS.pdf

id	iium-54512
recordtype	eprints
spelling	iium-545122018-04-02T04:57:33Z http://irep.iium.edu.my/54512/ An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective Rafikov, Ildus Saiti, Buerhan HG4501 Stocks, investment, speculation Purpose: This paper aims to discuss the topic of financial speculation with special reference to forex and offers an analysis from the Maqasid Al-Shari’ah perspective, whereby authors propose to limit the outreach of speculative instruments in the financial markets. Design/methodology/approach: The authors will make use of a simple textual analysis of existing materials and documents. To come up with conclusions, relevant to this study and to make them credible enough, the authors will undertake to review the existing literature in the next part of the paper and will later present his analysis of findings in light of financial crises and the objectives of Shari’ah. Findings: The Maqasid Al-Shari’ah approach used in the analysis suggests that speculative financial instruments do not constitute a necessity, and their harmful practice must be limited to protect the religion, life, lineage, intellect and property. Originality/value: Financial speculation in general and foreign exchange in particular must be regulated. Their current practices of financial system pose significant challenges for entire economies as well as individuals. Muslims should also avoid speculative financial instruments, such as forex, because they are a clear threat to individual and state wealth and prosperity. In addition, they threaten traditional businesses and social norms in Muslim societies. Emerald Publishing Limited 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/54512/1/54512_An%20analysis%20of%20financial%20speculation.pdf application/pdf en http://irep.iium.edu.my/54512/2/54512_An%20analysis%20of%20financial%20speculation_SCOPUS.pdf application/pdf en http://irep.iium.edu.my/54512/13/54512_An%20analysis%20of%20financial%20speculation_WOS.pdf Rafikov, Ildus and Saiti, Buerhan (2017) An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective. Humanomics, 33 (1). pp. 2-14. ISSN 0828-8666 http://www.emeraldinsight.com/doi/full/10.1108/H-10-2016-0077 10.1108/H-10-2016-0077
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HG4501 Stocks, investment, speculation
spellingShingle	HG4501 Stocks, investment, speculation Rafikov, Ildus Saiti, Buerhan An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective
description	Purpose: This paper aims to discuss the topic of financial speculation with special reference to forex and offers an analysis from the Maqasid Al-Shari’ah perspective, whereby authors propose to limit the outreach of speculative instruments in the financial markets. Design/methodology/approach: The authors will make use of a simple textual analysis of existing materials and documents. To come up with conclusions, relevant to this study and to make them credible enough, the authors will undertake to review the existing literature in the next part of the paper and will later present his analysis of findings in light of financial crises and the objectives of Shari’ah. Findings: The Maqasid Al-Shari’ah approach used in the analysis suggests that speculative financial instruments do not constitute a necessity, and their harmful practice must be limited to protect the religion, life, lineage, intellect and property. Originality/value: Financial speculation in general and foreign exchange in particular must be regulated. Their current practices of financial system pose significant challenges for entire economies as well as individuals. Muslims should also avoid speculative financial instruments, such as forex, because they are a clear threat to individual and state wealth and prosperity. In addition, they threaten traditional businesses and social norms in Muslim societies.
format	Article
author	Rafikov, Ildus Saiti, Buerhan
author_facet	Rafikov, Ildus Saiti, Buerhan
author_sort	Rafikov, Ildus
title	An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective
title_short	An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective
title_full	An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective
title_fullStr	An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective
title_full_unstemmed	An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective
title_sort	analysis of financial speculation: from the maqasid al-shari'ah perspective
publisher	Emerald Publishing Limited
publishDate	2017
url	http://irep.iium.edu.my/54512/ http://irep.iium.edu.my/54512/ http://irep.iium.edu.my/54512/ http://irep.iium.edu.my/54512/1/54512_An%20analysis%20of%20financial%20speculation.pdf http://irep.iium.edu.my/54512/2/54512_An%20analysis%20of%20financial%20speculation_SCOPUS.pdf http://irep.iium.edu.my/54512/13/54512_An%20analysis%20of%20financial%20speculation_WOS.pdf
first_indexed	2023-09-18T21:17:08Z
last_indexed	2023-09-18T21:17:08Z
_version_	1777411637608710144

An analysis of financial speculation: from the Maqasid Al-Shari'ah perspective

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