Perspektif Hukum Bisnis Islam pada Bursa Berjangka Komoditas di Indonesia (original) (raw)

Abstrac Commodities markets have had an existance which is as old as human history itself. These markets have influenced not only the dynamics of production and resource utilisation in the primary sector but also served as the mechanism through which the term of trade played out and surplus was extracted. Creation of Derivatives market in commodities was a significant human innovation. Futures contracts are the oldest way of investing in commodities. Futures are secured by physical assets. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Futures markets perform two main economic functions: price discovery and hedging. Price discovery has been defined asrevealing information about future cash market prices through the futures market. There is a relationship between the futures price of a commodity and the price that market participants expect to prevail at the time of delivery of the futures contrac. Conventional fiqh doctrine considers a sale valid only if goods are present at the time of contract, its based on direct translation the well known hadith: Do Not Sell What Is Not With You. the item must exist and be owned by the seller at the time of the contract.But some contemporary scholar argue the hadith only prohibited the sale of items that were not availabel at the time of sale.This is indicated in modern market which means that the sller can find the goods at almost any time and make delivery whenever required.Indonesia one of the top producers of a large number of commodities has no long time of trading in commodities and related derivatives. The institution of a formal commodity futures market in Indonesia which was formed in 1971. The government originally only meant to set up rubber exchanges. The regulation of a new Indonesian Commodity Exchange implemented in 1982 with the issuance of Government Regulation No. 35 of 1982 on the Commodity Exchange. A number of regulatory measures were also imposed on existing Commodity exchanges in line with international best practices. At present adjusted on both The derivatives as well as the spot markets in commodities were Imposed by way of the Commodity Exchange (Regulation) Act,2011 that islamic derivatives market are permitted to engage in derivatives transactions regional and country-wide.