Search

Oil futures contracts make it possible for all market participants to remain safe against the crude oil price fluctuations. Islamic Republic of Iran needs to import oil futures contracts to energy exchange for two reasons: First, its national income is highly dependent on crude oil price and instability in oil price leads to unstable economic situation. Second, Oil futures markets provide necessary instruments to reduce risk of oil deals, reduce volatility, increase flexibility and provide broader commercial dimensions to refiners and other buyers of petroleum and related industries. But now, exchange energy, due to jurisprudential constraints, is not able to use this powerful instrument of hedging risk, and this is incompatible with the implementation of economic resistance and resilience policies. This study analyzes financial nature of oil futures contracts and investigates the intend of the parties to the contract and shows that oil futures contracts are not, in any way, type of selling or obligation to selling because the acquisition and consequently delivery of asset are not intended by parties. Therefore, all of those jurisprudential obstacles are wrong about these contracts and are caused by the poor in recognizing the issue.

Adopting appropriate and efficient tools for risk management is a core element in managing a variety of risks. Insurance-Linked Securities are modern financial-insurance tools which have been utilized widely by the insurers to cover risks especially catastrophe related risks and massive risks. Moreover, these securities are financial tools that occur in life insurance securitizations. Heretofore, the risk securitizations have been inside the insurance industry and the operational models for issuing such securities on oil and gas projects' risks have not been presented to the literature yet. Considering the importance of oil and gas sector and also the high diversity and variety of oil and gas projects' risks and in order to diversify the risk management tools in the hands of oil and insurance industries, this paper has tried to develop a model for issuing oil risk securities based on Simon's theory of bounded rationality (1996). This model is consistent with conditions in Iranian oil and insurance industries and the Islamic juridical (Shari'ah) considerations for the corresponding investments.

Credit risk is defined as a situation in which the liability itself and its interests are not paid back based on the terms determined in contract. In fact, it is considered as the most important risk each bank has to encounter, among the ones present in banking operations, which is actually because of bank's later life being dependent on it. Therefore, carefully taken into account, the factors effective on the risk and the sound management of it can guarantee the bank's stability and profitability. Though the current banking has taken the various dimensions of the issue into consideration, due to the different nature of Islamic banking, it is highly necessary to investigate the risk and, what is more important, to examine the attitude of Islam toward risk in general. Hence, the aim underlying the present study is to explain the attitude of Islam to the concept of risk and also to present a theoretical analysis through which to compare credit risk in Islamic banking versus current banking. Although the concepts of risk and gharar are similar in meaning in Islamic discussions, it seems that the two are distinct from each other, thus no criticism will be directed to contracts made on the basis of credit risk by the viewpoint of Islam. Research shows that despite being less flexible in making use of tools for the management of credit risk, Islamic banking has naturally different contracts and treaties and dissimilar surrounding conditions in the management of credit risk, which causes such banking to face theoretically less credit risk, leading to the removal of restrictions existing in the management of risk. Therefore, through having a sound management of credit risk, such banking can be more stable compared to the current banking.