Bourse According to Shariʿah (book): Difference between revisions
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{{infobox book | |||
| title = Speculation in the View of Islamic Law | |||
| image = Speculation in the View of Islamic Law.jpg | |||
| size image = <!-- Specify image size if available --> | |||
| caption = <!-- Add caption for the image --> | |||
| other names = Bors-Bāzī dar Negāh-e Sharīʿat | |||
| main title = Speculation in the View of Islamic Law | |||
| author = Seyyed Abbas Mousavian | |||
| date of writing = 2016 | |||
| subject = Stock market, Speculation, Islamic jurisprudence, Financial ethics | |||
| style = Analytical, Jurisprudential | |||
| language = Persian | |||
| main language = Persian | |||
| editor = <!-- Add editor name if available --> | |||
| textual editing = <!-- Add textual editing details if relevant --> | |||
| with the efforts of = <!-- Add contributors if relevant --> | |||
| collection = <!-- Add collection name if available --> | |||
| illustrator = <!-- Add illustrator name if available --> | |||
| cover designer = <!-- Add cover designer name if available --> | |||
| volumes = 1 | |||
| pages = 240 | |||
| size = Vaziri (Paperback) | |||
| translations = <!-- Add translation details if available --> | |||
| publisher = Islamic Research Institute for Culture and Thought | |||
| publication place = Tehran, Iran | |||
| publication date = 2016 (1st Edition) | |||
| printing = 1st Edition | |||
| print run = <!-- Add print run details if available --> | |||
| isbn = <!-- Add ISBN number if available --> | |||
| media type = Print | |||
| publisher website = <!-- Add publisher website URL --> | |||
| english name = Speculation in the View of Islamic Law | |||
| translator = <!-- Add translator name if available --> | |||
| publication details = Tehran, Islamic Research Institute for Culture and Thought, 1395 SH (2016) | |||
| electronic version= <!-- Add link to electronic version if available --> | |||
| other volumes = <!-- Add details of other volumes if available --> | |||
}} | |||
{{Author | {{Author | ||
|author = Majid Khoshnoudi | |author = Majid Khoshnoudi | ||
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* abstract | * abstract | ||
'''Bourse according to Shariʿah | '''Bourse according to Shariʿah (in persian :[https://ency.feqhemoaser.com/fa/view/%D8%A8%D9%88%D8%B1%D8%B3%E2%80%8C%D8%A8%D8%A7%D8%B2%DB%8C_%D8%AF%D8%B1_%D9%86%DA%AF%D8%A7%D9%87_%D8%B4%D8%B1%DB%8C%D8%B9%D8%AA_(%DA%A9%D8%AA%D8%A7%D8%A8) بورسبازی در نگاه شریعت])''' is in the field of new transactions jurisprudence and has two general sections that examine stock market from the point of view of theology and jurisprudence. This book was written by [[Mohammad Tawheedi]] and Sayid [[Abbas Mousaviyan]] besides using their previous articles. The author has interpreted short-term transactions with high risk and the intention of profiting from price fluctuations as stock market transactions. According to him, the jurisprudence of such transactions is permissible. Unless it applies to the issue of other topics such as market manipulation or the use of secret information which are destructive market behaviors and corrupt the economic system. | ||
==Overview== | ==Overview== | ||
Stock market according to Shariʿah (book) is related to the jurisprudence of financial markets written by Seyyed Abbas Mousaviyan (died 2018) and Mohammad Tohidi. This book was published by the Securities and Exchange Organization and Imam Sadiq University (PBUH) in 2019. The book aims to explain the topic and provide a definition of bourse. After stating the issue, he has done a comprehensive jurisprudential analysis of various dimensions of bourse. The dominant approach in this book is to convey ideas and collect common elements from the words of experts. Therefore, in a few cases, the author's personal analysis has been presented. The book consists of seven parts, which according to the author, different parts of the book are independent articles and are collected in this book. | Stock market according to Shariʿah (book) is related to the jurisprudence of financial markets written by Seyyed Abbas Mousaviyan (died 2018) and Mohammad Tohidi. This book was published by the Securities and Exchange Organization and Imam Sadiq University (PBUH) in 2019. The book aims to explain the topic and provide a definition of bourse. After stating the issue, he has done a comprehensive jurisprudential analysis of various dimensions of bourse. The dominant approach in this book is to convey ideas and collect common elements from the words of experts. Therefore, in a few cases, the author's personal analysis has been presented. The book consists of seven parts, which according to the author, different parts of the book are independent articles and are collected in this book. | ||
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==Bourse jurisprudence== | ==Bourse jurisprudence== | ||
===Jurisprudential rules=== | ===Jurisprudential rules=== | ||
The second part of the book, after identifying the issue, explains the concepts and jurisprudential rules that can be applied to the issue of bourse in an extensive manner. He has examined the rule of prohibition of false possessions, the rule of harm and harm, the prohibition of filth, the prohibition of impurity, the prohibition of gossip, the prohibition of collusion, the prohibition of monopolies and hoarding, the prohibition of gambling. It is not applicable, in order to establish economic order in the financial markets, it is necessary to falsify laws and prohibit some activities. In such a situation, based on the theory of the permissible area, | The second part of the book, after identifying the issue, explains the concepts and jurisprudential rules that can be applied to the issue of bourse in an extensive manner. He has examined the rule of prohibition of false possessions, the rule of harm and harm, the prohibition of filth, the prohibition of impurity, the prohibition of gossip, the prohibition of collusion, the prohibition of monopolies and hoarding, the prohibition of gambling. It is not applicable, in order to establish economic order in the financial markets, it is necessary to falsify laws and prohibit some activities. In such a situation, based on the theory of the permissible area, [[Sayyid Muhammad Baqir Sadr]], the Islamic ruler can make laws mandatory. (p. 226-219) | ||
===The assumption of no destructive behavior=== | ===The assumption of no destructive behavior=== | ||
It has examined the verdict of the stock market, which means short-term transactions and free from destructive behavior. The author claims that the stock market is one of the examples of buying and selling; Therefore, it is permissible in itself, and if it is within the framework of the rules and laws of Shariʿah, it is not prohibited. (p. 227) | It has examined the verdict of the stock market, which means short-term transactions and free from destructive behavior. The author claims that the stock market is one of the examples of buying and selling; Therefore, it is permissible in itself, and if it is within the framework of the rules and laws of Shariʿah, it is not prohibited. (p. 227) | ||
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There are problems with the accuracy of bourse transactions. Among them, the bourse is an example of the lack of economic useful work and the sense of false wealth, fake transactions, gambling transactions, greedy transactions and examples of loss transactions. The author answered the problems raised in this way. It is not forbidden and therefore it is not a bad thing because in these transactions there is a Shariʿah reason, i.e. a sales contract. Also, the exchange has a value that actually exchanges part of the ownership of a company. Bourse offers services such as increasing liquidity, increasing risk-taking capacity and increasing efficiency to financial markets. Also, these transactions are real and value is exchanged that is actually part of the ownership of a company. Bourse is not gambling because it is done on real assets. But if it is on abstract property such as the stock index which cannot be collected it is like betting and gambling, and it is an example of false sense. Among the four forms of trick, only the ambiguity in the conditions and attributes of exchanges should be taken into account. If the basic information is not completely waited and clarified and is not available to the public, there is ambiguity and it will be an example of a greedy transaction. There is no harm in bourse by dividing the stock market into informed and rational and uninformed and imitative. By promoting the bourse, he consciously prevented the entry of the second category, which causes large-scale losses, to the financial markets. (p. 250-233) | There are problems with the accuracy of bourse transactions. Among them, the bourse is an example of the lack of economic useful work and the sense of false wealth, fake transactions, gambling transactions, greedy transactions and examples of loss transactions. The author answered the problems raised in this way. It is not forbidden and therefore it is not a bad thing because in these transactions there is a Shariʿah reason, i.e. a sales contract. Also, the exchange has a value that actually exchanges part of the ownership of a company. Bourse offers services such as increasing liquidity, increasing risk-taking capacity and increasing efficiency to financial markets. Also, these transactions are real and value is exchanged that is actually part of the ownership of a company. Bourse is not gambling because it is done on real assets. But if it is on abstract property such as the stock index which cannot be collected it is like betting and gambling, and it is an example of false sense. Among the four forms of trick, only the ambiguity in the conditions and attributes of exchanges should be taken into account. If the basic information is not completely waited and clarified and is not available to the public, there is ambiguity and it will be an example of a greedy transaction. There is no harm in bourse by dividing the stock market into informed and rational and uninformed and imitative. By promoting the bourse, he consciously prevented the entry of the second category, which causes large-scale losses, to the financial markets. (p. 250-233) | ||
===Assumption of market manipulation=== | ===Assumption of market manipulation=== | ||
In this part of the book, all kinds of manipulations and its jurisprudence have been examined. Bourse by manipulating the market has a relationship between the public and the private. The main focus of market manipulation is on deceiving traders. Therefore, the titles of grooming and pride and impurity can be applied to many methods of manipulation. Manipulation methods such as creating artificial prosperity and creating false price increases, placing orders without the intention of making a transaction with the intention of deceiving market participants, publishing false and misleading news and information, preventing the public release of important information that affects the price. The author's contention is that market manipulation is compatible with jurisprudential titles such as embezzlement in transactions, sham transactions, hoarding and monopoly, the rule of harmlessness, collusion, and the rule of common sense, and as a result proves the impermissibility of this act. At the end, | In this part of the book, all kinds of manipulations and its jurisprudence have been examined. Bourse by manipulating the market has a relationship between the public and the private. The main focus of market manipulation is on deceiving traders. Therefore, the titles of grooming and pride and impurity can be applied to many methods of manipulation. Manipulation methods such as creating artificial prosperity and creating false price increases, placing orders without the intention of making a transaction with the intention of deceiving market participants, publishing false and misleading news and information, preventing the public release of important information that affects the price. The author's contention is that market manipulation is compatible with jurisprudential titles such as embezzlement in transactions, sham transactions, hoarding and monopoly, the rule of harmlessness, collusion, and the rule of common sense, and as a result proves the impermissibility of this act. At the end, [[Sayyid Muhammad Baqir Sadr]] has mentioned the theory of Permissible area. In some cases, the Shariʿah prohibition of some market manipulation methods may not be accepted, but in order to create economic order in the financial markets, it is necessary to establish rules and regulations. According to the theory of permissible area, the Islamic ruler can issue mandatory orders. (p. 251-268) | ||
===The assumption of using confidential information=== | ===The assumption of using confidential information=== | ||
The author has adapted the use of confidential information to some jurisprudential topics and cited confidential information as examples of theft and illegal possession of real and intellectual property, betrayal of trust, reconciliation in a transaction, reconciliation in a transaction, traditions prohibiting the perception of fraud, embezzlement in a transaction, and loss and has introduced harm in the market and as a result has considered it as an illegitimate act. (p. 273-287) | The author has adapted the use of confidential information to some jurisprudential topics and cited confidential information as examples of theft and illegal possession of real and intellectual property, betrayal of trust, reconciliation in a transaction, reconciliation in a transaction, traditions prohibiting the perception of fraud, embezzlement in a transaction, and loss and has introduced harm in the market and as a result has considered it as an illegitimate act. (p. 273-287) | ||
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The author has examined each of the rules in detail and collected verses, narrations, and rational evidences. In addition, he has mentioned different opinions of scholars and experts. Although the expression of jurisprudential rules was necessary and the goal of the writer; But this amount of extension and detail is not necessary. The audience of books with minor specialized topics is only in search of understanding and solving the same problem. It was appropriate that it was enough to generalize and quote the popular opinion and refer the details to extensive books. As the author has explained this theory very briefly and usefully in the discussion of permissible area (p. 223) and has avoided prolonging it. | The author has examined each of the rules in detail and collected verses, narrations, and rational evidences. In addition, he has mentioned different opinions of scholars and experts. Although the expression of jurisprudential rules was necessary and the goal of the writer; But this amount of extension and detail is not necessary. The audience of books with minor specialized topics is only in search of understanding and solving the same problem. It was appropriate that it was enough to generalize and quote the popular opinion and refer the details to extensive books. As the author has explained this theory very briefly and usefully in the discussion of permissible area (p. 223) and has avoided prolonging it. | ||
==footnotes== | ==footnotes== | ||
{{footnotes}} | |||
[[fa:بورسبازی در نگاه شریعت (کتاب)]] | [[fa:بورسبازی در نگاه شریعت (کتاب)]] | ||
[[ | [[Category:Bibliography Articles]] | ||