Author
İrfan Görkaş, Cantürk Kayahan
Subject
Discussion
Type
Book
Language
Arabic
Digital
Yes
Manuscript
No
Library
Royal Danish Library
Library Asset ID
EISSN: 2757-8399, DOI: 10.52637/kiid.1353169
Record ID
cdi_doaj_primary_oai_doaj_org_article_ae08564c51dc4f87b6ef3514590fdeac
Library Location
DOAJ Directory of Open Access Journals
Notes
The world of finance has been developing and changing rapidly from past to present. The main factors affecting this development and change are the needs and desires of people or institutions in the relevant periods. Therefore, a better understanding of today's financial problems depends on assimilating the history of finance, which includes evaluations and inquiries based on past examples. The basis of the Islamic finance understanding is to encourage trade and ensure production continuity. In particular, the use of money for commercial purposes and the prohibition of interest constitute the basic lines of the understanding of Islamic finance. Islamic finance products have existed under various names from past to present. For example, sukuk, murabaha, mudaraba, musharakah, takaful and salam are the first ones that come to mind. In this study, the salam contract, one of the Islamic finance products, was evaluated within the scope of the salam principles in the work we can call "Trade of Trade or Finance" written by Darendeli Hamza Efendi, one of the scholars of the Ottoman period, and compared with today's derivative market products. Thus, it has been tried to show the change and development of derivative markets on the basis of purpose, institution, usage, transaction and principles from past to present. Derivative market products in today's world; It consists of four basic financial products: forward, futures, option and swap. These products, whose use has increased worldwide, especially after the 1980s, find a place with many different names and processes. While forward contracts, which are more associated with the salam contract among these products, are traded only in over-the-counter markets; Futures contracts are only available on stock exchanges; Options are traded both on exchanges and in over-the-counter markets, and swaps are traded only in over-the-counter markets. Based on this point, the equivalent of products other than forward in the field of Islamic finance can also be expressed as "Istisna contract". Selem agreements are agreements that date back to the Ottoman period and were the subject of the works of some scholars during his time. As with other transactions made in the relevant period, the aim of Selem is to avoid riba and to ensure that the transaction is legally appropriate. Darendeli Hamza Efendi's main purpose in writing his treatise is to eliminate the linguistic conflicts that were subject to trade in the Ottoman period, to ensure that the transactions made are valid, that they are away from religiously disapproved transactions, and to avoid riba. The purposes of using derivative markets are explained in many books with today's understanding. In general, derivative markets are traded for three purposes. These; hedging, speculation and arbitrage. The first purpose, contracts for hedging or protection, is actually the basis of salam agreements. The second purpose is speculation. Speculation is about taking a position regarding the future price of a product. In derivative markets, two positions are taken: buying and selling. Buy positions are designed to protect against future price increases; Sell positions are intended to protect against future price declines. However, today the purpose of speculation has been evaluated more focused on profit and derivative markets have become critical with the concept of intense leverage. As for the third purpose, a different purpose has been followed in arbitrage and the opportunity for risk-free profit is obtained. Because in these contracts, positions are taken by taking into account price changes in different regions at the same time. Thus, commodity or traders sell the products they buy from different regions at lower prices at a certain profit in their own markets. Since the transaction takes place at the same time, the profit can be determined from today. In this study, the transcription of the original decision texts of the Salam contract disputes and their Turkishized contents are presented based on the examples of the Istanbul and Bap Courts of the Ottoman period. In addition, interpretations and evaluations have been tried to be made through these text examples, taking into account today's understanding of participation banking. As a result, the salam contract is one of the Islamic finance products carried from past to present. However, unlike in the past, today the application area is only within the scope of participation banking and can be applied much more limitedly.
Görüntüle
Kocatepe İslami İlimler dergisi : (Online), 2023-10, Vol.6 (Özel Sayı), p.320-332
