This paper aims to compare and contrast the concept of conventional futures contract from the Islamic law of contract perspectives. The underlying theory and practice of Islamic finance is based on the principles of Islamic law of contract. Although the necessity of derivative instruments such as the case with futures contract is essential for developments in Islamic finance, the permissibility of using these instruments still remains a debatable issue.,The paper discusses arguments for and against using derivative instruments as in futures, for example, in light with the Qur’an and Sunnah (the Prophet’s traditions), as well as the views of classical scholars, jurists and contemporary researchers. Arguments for and against are analysed systematically to derive a logical conclusion.,The study finds that majority scholars consider futures contracts as non-compliant with the Islamic law due to the fact that selling something that does not exist, deferment in the both counter values, gharar or ambiguity and excessive risk taking, pure speculation and sale of one debt for another.,The study focuses narrowly on conventional futures contract. Analysing other financial derivative contracts could be a future research endeavour.,The study has so far found the verdict of impermissibility of conventional futures contract in its current form as has been argued by majority scholars in the premise that they do not comply with the Islamic law. Policymakers and industry practitioners need to take this opinion of majority scholars while developing new Islamic financial derivatives.,To the best of the author's knowledge, the present research is the first attempt so far that explained the validity of conventional futures by analysing arguments of classical and contemporary jurists, scholars and researchers.

中文翻译：

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常规期货：伊斯兰合同法中的衍生产品

本文旨在从伊斯兰合同法的角度比较和对比常规期货合同的概念。伊斯兰金融的基本理论和实践基于伊斯兰合同法原则。尽管衍生工具的必要性，例如期货合约的情况对于伊斯兰金融的发展至关重要，但是使用这些工具的允许性仍然是一个有争议的问题。，本文讨论了在期货中使用和反对使用衍生工具的论点。根据古兰经和圣纳（先知的传统），以及古典学者，法学家和当代研究人员的观点。系统地分析赞成和反对的论点，以得出合乎逻辑的结论。该研究发现，多数学者认为期货合约不符合伊斯兰法律，原因是卖出不存在的东西，两个相对价值的递延，肮脏或含糊，过度冒险，纯粹的投机和出售。债务。另一方面，该研究仅关注常规期货合约。分析其他金融衍生品合约可能是未来的一项研究工作。迄今为止，该研究发现多数学者在不遵守伊斯兰教法的前提下认为，目前形式的常规期货合约是不允许的。 。政策制定者和行业从业者在开发新的伊斯兰金融衍生产品时，需要考虑多数学者的这一观点。据作者所知，