خلاصة:
Directing liquidity toward productive and beneficial economic activities is a key issue in contemporary financial systems. The factor enabling this transfer of financial resources from holders to those in need is the financial market, working in cooperation with financial institutions. Speculation is among the most widespread activities in financial markets, pursued to profit from predicting price fluctuations.
Speculation remains one of the most controversial issues in financial markets, as economic and financial thinkers hold divergent views on its efficiency and legitimacy, both economic and Sharīʿa-based. This study, employing a descriptive–analytical method and content analysis, investigates the jurisprudential–economic dimensions of speculative activities in financial markets and seeks to answer the question: What is the ruling on speculation and the income derived from it from a jurisprudential–economic standpoint?
The findings indicate that, based on the general principles and explicit statements of the verses of the Qur’an, traditions, and the views of economists, healthy and balanced speculative activities can be considered a form of bayʿ (sale). From an economic perspective, they are efficient, and from the standpoint of Sharīʿa, they are valid. The objections raised—such as speculation being a form of kanz (hoarding), gharar (excessive uncertainty, ambiguity, or risk in a contract), or qimār (gambling)—are not substantiated.
ملخص الجهاز:
Speculation from the Perspective of Sharia Date Received: 10/11/1403 Date Accepted: 29/12/1403 Asadullah Karimi 1 Mohammadreza Yousefi Sheikh Robat 2 Mohammad Javad Tavakoli 3 * Abstract Nowadays, directing liquidity toward useful and productive economic activities is one of the key issues.
The research findings show that according to the generalities and implications of the Quranic verses, traditions, and the views of economists, healthy and balanced speculative activities are considered an instance of sale (bay'), are economically efficient, and are valid from the perspective of Sharia, and the criticisms entered (that speculation is an instance of hoarding (kanz), uncertain transactions (gharar), gambling, etc.
44-45); therefore, speculation means entering into high-risk financial transactions for a short period to profit from the predicted fluctuations in the price changes of assets (commodities, currencies, securities).
Speculation can be divided from another angle (type of risk, behaviors performed to increase and decrease prices and gain profit, economic growth, firm productivity, and public welfare) into healthy and destructive speculation: Healthy speculation: In this type of speculation, market participants invest after a careful examination of the financial capability and efficiency of companies based on factors such as assets, sales volume, profit, and investment.
As mentioned, the subject of discussion in the views of Sunni thinkers is normal and unbalanced speculation in the financial markets of our time, where they proceed to manipulate and artificially change prices in the market with the motive of achieving income; however, if transactions are carried out with the motive of earning profit within the framework of Sharia rulings, they are permissible from their perspective.
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