INSTRUMEN LINDUNG NILAI MENURUT PERSPEKTIF ISLAM: ANALISIS PELAKSANAANNYA DALAM SEKTOR KEWANGAN DI MALAYSIA

Abstract

The concept of hedging that is understood in the conventional financial system and the Islamic financial system has the same purpose, which is to manage risk. Islamic scholars agree that the law of hedging is a must in the syariah because it brings maslahah and fulfills the objective principles of the syariah. Even so, this concept that leads to the protection of property is accepted by Sharia scholars in accordance with the general principles in Islam that celebrate the welfare of the community. However, the application of the concept of hedging in the Islamic financial system needs to be different from the conventional financial system so that it does not conflict with the guidance contained in the Qur'an and the Sunnah which reject harm. Therefore, this writing aims to evaluate the actual position of the hedging concept according to the Sharia and then propose hedging parameters that are in line with the principles of the Sharia. The results of the study found that Islam recognizes the concept of hedging as one of the risk management methods, but its acceptance is bound by the condition of compliance with the guidelines that have been set. This study is expected to provide useful input especially to the Islamic finance industry in an effort to create more Sharia-compliant hedging instruments.