Analisis Kesesuaian Instrumen Hedge Konvensional terhadap Prinsip Syarih

Cipto Sembodo (Dosen Fakultas Hukum dan Ekonomi Islam Universitas Cokroaminto Yogyakarta)

TASAMUH: Jurnal Studi Islam
Vol 11 No 1 (2019): Tasamuh: Jurnal Studi Islam

International finance is one of the areas that starts to attract attention of Islamic financial experts. In a more globalized market, Islamic banks need to be more exposed into international market in order to facilitate export-import transactions. Consequently, the Islamic banks are dealing with exchange rate risk higher than earlier. In the conventional counterpart, the risk can be minimized through hedging instruments; thus, gaining a higher level of operational efficiency. In an absence of such instruments, this paper offers possible mechanisms that could be beneficial for further development of so-called “Islamic hedge-mechanism”.One of the offers is how mudharabah or musharakah contract can be used to construct an Islamically acceptable hedge instruments.