"Murabahah" and "Musharakah" Contracts Designing New Model for Buying on Margin by Using

Document Type : Paper

Authors
Sayyed Mohammad Javad Mirtaher 1
Mohammad Safaei 2
1 Master of Islamic Education and Financial Management, Imam Sadegh University
2 Master of Islamic Education and Financial Management, Imam Sadiq University
10.30497/ifr.2014.1681
Abstract
Nowadays, buying on margin is one of the most widely used instruments for different types of investors in the capital markets in the world. In Iran's stock exchange, this instrument has been launched from several years ago but there has not been any comprehensive approach so far that could cover its different shortcomings from jurisprudential and operational standpoints. In this article, after reviewing models and risks of buying on margin in different stock exchanges in the world, we have tried to explain a new model that is matched with imamiah jurisprudence. All solutions presented before that are based on "Qarz-e-Hasana" and "Juala" and "Musharakah" contracts. The reasons for the weaknesses of each of these solutions are presented in this paper.
This practical study has used an analytical descriptive method which tries to suggest different solutions for buying on margin in the Islamic exchanges based on "Musharakah" and "Murabaha" contracts. The presented model has overcome defects of other ones. Its risks and ways of covering those risks are also mentioned.
Keywords
Buying on margin
Stock
Murabahah
Design of Jurisprudence Model
حدادی، جواد و سید عباس موسویان (1389)، ارزیابی انتشار صکوک پروژه محور در بخش بالادستی نفت ایران، تهران: سومین کنفرانس توسعه نظام تأمین مالی در ایران.. ملاکریمی، فرشته (1390)، گزارش همایش «بررسی ابعاد فقهی، حقوقی و اجرایی کاربردی شدن عقود مرابحه، استصناع و خرید دین در نظام بانکی کشور»، تازه‌های اقتصاد، شماره 133.. موسویان سید عباس (1387)، ابزارهای مالی اسلامی (صکوک)، تهران: پژوهشگاه فرهنگ و اندیشه اسلامی، چاپ دوم.. هادوی‌نژاد، مصطفی (1384)، مبانی مدیریت و ارزیابی سرمایه‌گذاری، تهران: شهرآب.. Alessio Setzu & Michele Marchesy (2007), The Effects of Short-Selling and Margin Trading:a Simulation Analysis, University of Cagliari magazine. Cipriani, M., Fostel, A., & Houser, D (2012), Leverage and asset prices: an experiment.. Esben Hedegaard (2011), How margin are set and affect asset prices, job market paper.. Fortune, P. (2000), "Margin requirements, margin loans, and margin rates: Practice and principles". New England Economic Review, pp. 19-44.. Hsieh, D. A. & Miller, M. H (1990). Margin regulation and stock market volatility. The Journal of Finance, 45(1), pp. 3-29.. Ian Ayres & Barry Nalebuff (2005), Life-Cycle Investing and Leverage:Buying Stock on Margin Can Reduce Retirement Risk, forbes.. Kim, G. R. & Markowitz, H. M (1989), "Investment rules, margin, and market volatility", The Journal of Portfolio Management, 16(1), pp. 45-52.. Moore, T. G. (1966), "Stock market margin requirements", The Journal of Political Economy, 74(2), pp. 158-167.. Salinger, M. A. (1989), Stock market margin requirements and volatility: Implications for regulation of stock index futures. In Regulatory Reform of Stock and Futures Markets, pp. 23-40.. Zender, J. F (1991), "Optimal financial instruments", The Journal of Finance, 46(5), pp. 1645-1663..
Volume 3, Issue 2 - Serial Number 6
Spring 2014
Pages 129-158

  • Receive Date 22 November 2014
  • Accept Date 16 June 2015