Derivatives are Financial Weapon of Mass Destruction

Assalamualaikum,

Dear Readers,

“Derivatives are Financial Weapon of Mass Destruction” Warren Buffet. Click Here

Generally, Shari’ah scholars have discussed almost all major areas of Islamic banking and finance and provide variety of instruments as alternative to the conventional counterpart except derivatives, short selling and speculations in the foreign exchange markets. There must be a cogent reason behind this position. Perhaps, the recent economic crisis may enlighten the issue of why Shari’ah prohibits element of excessive gharar, speculation and interest in any kind of business transaction.

I attach herewith a simple and concise but very informative and illuminating article by Mansoor Durrani where he tries to explain the current phenomenal of economic crisis. For full article Click Here

Best Regard
ZULKIFLI HASAN
DURHAM UNIVERSITY

  • Trafalgar Square, London

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