Analiza instrumentów pochodnych z perspektywy finansów islamskich
Analysis of derivatives from the perspective of Islamic finance

Summary/Abstract: The objective of this paper is the analysis of derivatives in the context of Islamic finance. Traditional derivatives in most cases cannot be offered by Islamic financial institutions, since their construction is not compliant with very restrictive rules of Muslim religious law – Sharia, such as the prohibition of usury, speculation, or an obligation to avoid risk. However, given that derivatives are an important tool in risk management, there is an ongoing debate among Muslim economists about the possibility to use traditional Islamic methods of finance as derivatives or to create entirely new instruments, whose construction would be compatible with Sharia law.

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