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Islamic Hedging, Speculation or Risk Management? (Critical Analysis of Islamic Hedging)

Jihbiz : Journal of Islamic Economy, Finance, and Banking

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Title Islamic Hedging, Speculation or Risk Management? (Critical Analysis of Islamic Hedging)
Islamic Hedging, Spekulasi atau Manajemen Risiko? (Analisis Kritik terhadap Islamic Hedging)
 
Creator Fatturroyhan, Fatturroyhan
Djayusman, Royyan Ramdhani
 
Subject Islamic hedging
derivatif
manajemen risiko
Islamic hedging
derivative
risk management
 
Description The problem of currency exchange rate fluctuations has motivated conventional financial economists to implement hedging in the form of derivative contracts to avoid risks resulting from currency fluctuations. Muslim economists, in offering mainstream hedging reforms by removing elements of sharia violations and incorporating sharia contracts into them. However, have the elements that caused the prohibition of hedging been eliminated. This paper tries to discuss the problem of Islamic hedging, to be able to offer a solution to these problems. This research is a type of literature research, a method of critical thinking analysis using inductive methods in finding the concept of Islamic hedging in general. Then, it is explained using the descriptive method with critical analysis as a criticism of Islamic hedging. This paper concludes that Islamic investment funds and exchange rate risk reserves as alternatives to Islamic hedging have not eliminated the elements of gharar, riba and maysir and it can be said that Islamic hedging is a form of speculation.
Permasalahan fluktuatif nilai tukar mata uang menyebabkan tergeraknya para ekonom keuangan konvensional melaksanakan hedging dalam bentuk kontrak-kontrak derivatif   untuk menghindari risiko yang diakibatkan dari fluktuasi mata uang. Para ekonom Muslim, dalam menawarkan reformasi hedging mainstream dengan menghilangkan unsur-unsur pelanggaran syari’ah dan memasukkan akad-akad syari’ah ke dalamnya. Namun demikian, apakah unsur-unsur penyebab dilarangnya hedging sudah dieliminasi secara menyeluruh. Tulisan ini mencoba mendiskusikan permasalahan Islamic hedging, untuk dapat menawarkan solusi dari permasalahan tersebut. Penelitian ini adalah  jenis penelitian literatur, metode analisis kritik pemikiran dengan menggunakan metode induktif dalam  menemukan konsep Islamic hedging secara umum. Kemudian, dijelaskan dengan menggunakan metode deskriptif dengan analisis kritik sebagai kritikan terhadap Islamic hedging. Kesimpulan akhir dari tulisan ini adalah Islamic investment funds dan cadangan risiko nilai tukar sebagai alternatif dari Islamic hedging yang ternyata belum sepenuhnya mengeliminasi unsur-unsur gharar, riba dan maysir dan dapat dikatakan bahwa Islamic hedging adalah bentuk spekulasi.
 
Publisher Universitas Islam Raden Rahmat
 
Date 2017-07-17
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier https://ejournal.uniramalang.ac.id/index.php/jihbiz/article/view/712
10.33379/jihbiz.v1i2.712
 
Source Jihbiz : Journal of Islamic Economy, Finance, and Banking; Vol. 1 No. 2 (2017); 113-124
Jihbiz : Jurnal Ekonomi, Keuangan dan Perbankan Syariah; Vol 1 No 2 (2017); 113-124
2807-6028
2549-0397
10.33379/jihbiz.v1i2
 
Language ind
 
Relation https://ejournal.uniramalang.ac.id/index.php/jihbiz/article/view/712/508
 
Rights Copyright (c) 2017 Jihbiz : jurnal ekonomi, keuangan dan perbankan syariah
https://creativecommons.org/licenses/by-nc/4.0