SHARI’AH ISSUES IN SINGLE-STOCK FUTURES CONTRACTS AND THEIR REGULATORY RESOLUTIONS: LESSONS FROM THE MALAYSIAN MODEL

Mohammed Turki S. Alotibi; Muhhamad Abdurrahman Sadique; Uzaimah Binti Ibrahim

doi:10.5281/zenodo.18021059

EN AR

SHARI’AH ISSUES IN SINGLE-STOCK FUTURES CONTRACTS AND THEIR REGULATORY RESOLUTIONS: LESSONS FROM THE MALAYSIAN MODEL

Abstract

This article aims to identify the Sharia-related issues associated with single-stock futures contracts and to explain how the Malaysian experience has addressed these issues within the framework of Islamic finance. Conventional futures contracts are among the most widely traded financial instruments in global markets; however, they are based on deferred obligations, rely on price differentials, and are often cash-settled without actual ownership of the underlying assets. Such features have raised several Sharia concerns, the most prominent of which are: excessive gharar resulting from the absence of ownership and possession at the time of contracting; maysir, as profits may depend on pure speculation; selling what one does not own; the disconnection of the contract from the underlying asset in some conventional structures; and the elevated level of risk linked to leverage and margin calls. The Malaysian experience has presented a practical model that effectively addresses these concerns through restructuring futures contracts in accordance with the Sharia standards adopted by the Sharia Advisory Council. The most important mechanisms include ensuring the presence of a real underlying stock, imposing higher margin requirements to control risk, employing actual (or functionally equivalent) settlement through the clearinghouse to safeguard rights, applying daily price limits to reduce excessive volatility, restricting speculative use of the contracts, and emphasizing hedging and risk management within permissible Sharia boundaries. The study concludes that the Malaysian model offers a valuable example that can be utilized in developing Sharia-compliant futures contracts in financial markets such as the Saudi Stock Exchange (Tadawul).

Keywords

الإشكالات الشرعية في العقود المستقبلية للأسهم المفردة وآليات معالجتها في التجربة الماليزية

Öz

هدف المقال بيان الإشكالات الشرعية المتعلة بالعقود المستقبلية للأسهم المفردة، وبيان كيف عالجت التجربة الماليزية تلك الإشكالات وفق إطار التمويل الإسلامي. فالعقود المستقبلية التقليدية تعتبر من أكثر الأدوات المالية تداولاً في الأسواق العالمية، إلا إنها تحوي العديد من المحاذير الشرعية، منها: إنها تعتمد على الالتزامات المؤجلة، وتعتمد فروقات الأسعار، وتتم التسوية النقدية بدون تملك فعلي للأصول؛ مما اثار العديد من الإشكالات الشرعية. لعل من أبرزها؛ الغَرَر الفاحش الناتج عن عدم تحقق الملكية والقبض عند التعاقد، والمَيْسِر باعتماد الربح على مخاطرة صرفة، وبيع ما لا يملك، وانفصال العقد عن الأصل في بعض صيغها التقليدية، وارتفاع مستوى المخاطرة جرّاء الرفع المالي والنداء الهامشي. لقد قدّمت التجربة الماليزية، نموذجاً فعلياً عالج تلك الإشكالات، عبر إعادة هيكلة العقود المستقبلية، بما ينسجم مع ضوابط الشرع التي يعتمدها مجلس الاستشارات الشرعية. كانت أهم آليات المعالجة: وجود أصل حقيقي للأسهم محل العقد، متطلبات هامش أعلى لضبط المخاطر، استخدام التسوية الفعلية من خلال غرفة المقاصة لحفظ الحقوق. اعتماد حدود سعرية يومية للحد من تقلبات الأسعار، ومنع توظيف العقود للمضاربات، التأكيد على التحوط وإدارة المخاطر بشكل شرعي. وبينت الدراسة أن التجربة الماليزية قدّمت نموذجاً فذاً يمكن الإفادة منه في تطوير عقود مستقبلية متوافقة مع أحكام الشريعة، في أسواق المال، مثل سوق "تداول" السعودي.

Anahtar Kelimeler

العقود المستقبلية، الغرر، المشتقات المالية الإسلامية، التجربة الماليزية

Öz

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Details

Primary Language

English

Subjects

Islamic Economy , Educational Sociology

Journal Section

Research Article

Authors

Mohammed Turki S. Alotibi ^*
Malaysia

Muhhamad Abdurrahman Sadique
Malaysia

Uzaimah Binti Ibrahim
Malaysia

Early Pub Date

December 22, 2025

Publication Date

January 13, 2026

Submission Date

October 12, 2025

Acceptance Date

December 18, 2025

Published in Issue

Year 2026 Number: 33

DOI

https://doi.org/10.5281/zenodo.18021059

IZ

https://izlik.org/JA46EX79XP

Cite

RIS / Bibtex

EndNote

Alotibi MTS, Sadique MA, Binti Ibrahim U (January 1, 2026) SHARI’AH ISSUES IN SINGLE-STOCK FUTURES CONTRACTS AND THEIR REGULATORY RESOLUTIONS: LESSONS FROM THE MALAYSIAN MODEL. IJASOS- International E-journal of Advances in Social Sciences 33 31–44.