Posted: February 21st, 2022

The foreign exchange market

1.      The Introduction:
The foreign exchange market is actually international and one of the vital vital ones on this planet. The foreign exchange transaction refers to exchange of 1 nation’s foreign money with one other nation’s foreign money for financial causes. Because of this it’s all the time higher to grasp this market from the enterprise perspective. To start out with, let’s focus on the Islamic view of such markets. This task is included two fundamental elements.
The first one is about the entire market usually divided into three subparts. The first discusses the definition for the foreign exchange market, its significance, course of for dealing on this market, the typical of day by day transactions, time of such transactions, and essentially the most impactful locations for such transactions and the origin for this market. The second one is concerning the operations within the foreign exchange market via the usage of spots, ahead, futures, choices and swaps. This subpart covers the definitions for every operation, examples and the usefulness for such operations. The third is concerning the hedging, hypothesis and arbitrage with their explanations and examples.

The second fundamental half is concerning the foreign exchange market in Islam. This half is split into 5 subparts. The first subpart is concerning the buying and selling in Islam, with definition, the proof and the ethical ideas from Quran and Sunnah, how the commerce is made and what makes a commerce real and legitimate. The second is concerning the usury in Islam with definition, the proof and moral judgments from Quran and Sunnah, sorts with examples and the explanation why the riba is forbidden in Islam. The third is concerning the exchange in Islam and the foundations in Islam which govern the operations within the foreign exchange market. The fourth is concerning the hedging, hypothesis and arbitrage in Islam. It additionally refers to concepts from D. Sami Alsuwailem within the hedging. Furthermore, it refers to the commonest choices concerning the hypothesis, and the way the arbitrage just isn’t in opposition to the foundations in Islam. The fifth is concerning the 5 vital circumstances in foreign exchange market from the AAOII.
Lastly, the task is concluded with the manager abstract and a few suggestions.

2.1 Overview of the foreign exchange market (Foreign exchange, FX):
The foreign exchange market (Pilbeam, 2006) is the market by which currencies are traded utilizing bid and ask charges. The foreign foreign money is used for the needs of travelling, import, export, hypothesis and so forth. For instance, if somebody who desires to journey to a different nation, he must exchange his dwelling foreign money with the foreign money of the foreign nation the place he’s going. Because of this, the foreign exchange market is extraordinarily vital as we speak for (Pontikis, 2007) (Pilbeam, 2006) (R.Kane, 1988) (Riehl, 1977) private use, banks, central banks, industrial firms, funding administration, companies, multinational firms, monetary markets, establishments, hedge funds and retail foreign exchange brokers. Exchanging currencies apart from US greenback normally takes the type of cross foreign money deal, as may be seen beneath (BPP Monetary Publishing, 1994, p. 9):
 Goal:                                             Effected by:                                Then:

(Pontikis, 2007) (Roth, 1996) (BPP Monetary Publishing, 1994) This clearly reveals the significance of the $US and it’s practically to be the most important for the foreign exchange markets, which equal 90% of the world transactions. (Pontikis, 2007) (Johnson, 2000) The foreign exchange market is peculiar due to the buying and selling volumes, the excessive liquidity, the big numbers, the forms of trades within the markets, the geographical dispersion and it’s 24 hours buying and selling a day, besides on weekends, as may be seen from the determine beneath (Melvin, 1996, p. 10).
The foreign exchange market is characterised by plenty of varieties of transactions (Enzing, 1966), it takes between the contributors of any manner as or not it’s famous above. (Pontikis, 2007) (R.Kane, 1988) There is no such thing as a central place for the foreign exchange market, as a result of the sellers/brokers are negotiating instantly collectively leading to over-the-counter market. Nevertheless, essentially the most lively locations for buying and selling currencies on this planet are (Roth, 1996) (BPP Monetary Publishing, 1994) (R.Kane, 1988) London, New York, Japan, Hong Kong, Singapore, Swaziland, Germany and France. In whole there are (Black, 2000, p. 215) “about 300 contributors within the foreign exchange market” and the banks and brokers normally act as a significant for their very own prospects. (Pontikis, 2007) The common of day by day commerce within the international foreign exchange markets is over $Three trillion.
The origin of the foreign exchange markets has had plenty of phases to succeed in the current state of affairs (Roth, 1996) (BPP Monetary Publishing, 1994). It began earlier than the cash even existed that’s the period of barter, after that by the Romans financial system, then to the town of London in 1696 when the English king William III urgently wanted cash to finance his wars in opposition to France. After that, the 19TH century noticed the rise of Sterling as a world buying and selling foreign money. Then, it was the gold normal earlier than the first world warfare. After that, it was the second world warfare after which the United Nations Financial and Monetary Convention(UNMFC) held at Brelton Woods New Hampshire in July 1944 got here into existence, then the Eurodollar markets. Now, we’ve got the current Foreign exchange market.
The opening time for the foreign exchange market on this planet

2.2 The Operations of the Foreign exchange Market:
(BPP Monetary Publishing, 1994)The operations within the foreign exchange market are divided into two fundamental varieties:
1-      Money market:
A.    Foreign Exchange Markets the place the currencies are purchased and bought.
B.     Eurocurrency markets the place the currencies are borrowed and lent.
2-      Derivatives Markets commerce in foreign money futures, choices and swaps.
2.2.1 Foreign exchange Spot Market (Pilbeam, 2006) (Johnson, 2000):
The spot is the citation between two currencies for quick supply. The settlement for this transaction normally takes two- enterprise days. Furthermore, this commerce represents a direct exchange between two currencies and the curiosity just isn’t included within the agreed upon transaction. The spot market divided into two elements, the bid value and the ask value. Because of this, the totally different between the 2 costs is the revenue for the supplier. The group of the spot market normally takes this present (D.Levi, 1996, p. 39):
Orders Positioned = OP

OP                                           OP
                                                              Open-bid

OP                                    Double public sale                                    OP

2.2.2 Foreign exchange Ahead Market:
(Johnson, 2000) (Roth, 1996) It’s an settlement between two currencies at a pre-decided price for exchange on a particular date sooner or later, it have to be over two-business days, and this length of commerce may be few days, months or years. (Pilbeam, 2006) (Johnson, 2000) The commonest intervals are 30, 60, 90, 120, 270 or 360 days.
(BPP Monetary Publishing, 1994) The ahead market is the a part of the broader derivatives markets. The different frequent markets in derivatives are futures, choices and swaps. The ahead market (D.Levi, 1996) is vital for decreasing dangers ensuing from exchange price actions when importing, exporting, borrowing and investing. Because of this, the ahead market is essential for the events concerned.

2.2.Three Foreign exchange Future Market (Johnson, 2000):
It’s a contract traded on organized exchanges in normal items to deal and exchange two currencies at a particular future date at an agreed price. This date most be set at certainly one of explicit 4 dates (Johnson, 2000, p. 171) “the third Wednesday of March, June, September or December”. The common of the transaction or contract takes normally Three months to be settled. Because of this the longer term market is sort of the identical for ahead transaction.
The first foreign money futures contracts have been provided in 1972 on Chicago Mercantile Exchange.

2.2.Four Foreign exchange Choice Market:
It concluded from (Johnson, 2000) (D.Levi, 1996) (Steven Bell and Brian Kettell, 1983); it’s a contract that confers the appropriate to purchase or promote foreign money at a specified value on a specified future date. This contract provides the customer/the vendor the chance not the duty. In the identical manner, the phrase of possibility not provides the selection to the customer as to completes the contract or not, however refers the selection date of supply. The first foreign money possibility contract was provided in 1982 on the European Choices Exchange within the Netherlands.
The foreign exchange possibility market (Kuepper, Getting Began In Foreign exchange Choices) is the deepest, largest and most liquid market for choices of any type on this planet.

2.2.5 Foreign exchange Swap Market:
It concluded from (Johnson, 2000) (D.Levi, 1996) (Steven Bell and Brian Kettell, 1983) that it’s an settlement to purchase, promote, borrow or lend foreign money at an agreed value at a future date. Furthermore, the swap market has three frequent sorts of operations:
1-      An settlement within the spot market on the similar time an settlement to reverse the transaction within the ahead market.
2-      An settlement to exchange two currencies in ahead market.
Three-      An settlement to borrow one foreign money and lend one other.
The foreign exchange swap market is used for a lot of causes, for instance:
1-      (D.Levi, 1996) To converts one foreign money into anther briefly with out creating a internet exchange place.
2-      (Steven Bell and Brian Kettell, 1983) To keep away from threat or cut back the chance when making a market for a lot of future dates and currencies.
Three-       (D.Levi, 1996) To construct up a swap place ahead in opposition to ahead.

2.Three Hedging, Hypothesis and Arbitrage:
The relation between hedging, hypothesis and arbitrage may be very difficult. As a result of the hedging is totally reverse of hypothesis and the arbitrage will get the advantages from the unspoken relation between the hedging and the hypothesis. To make it extra clear it may be seen by the reason beneath.

2.Three.1 Hedging:
(Johnson, 2000) (Steven Bell and Brian Kettell, 1983) It refers back to the act of eliminating, avoiding or masking foreign exchange threat. The want of hedging arises due to:
1-      (Steven Bell and Brian Kettell, 1983) The spot exchange charges are solely helpful for the current. For instance, who besides to makes or receives fee in future date, the chance is perhaps the speed of exchange foreign money goes up or down. Furthermore, they must pay extra or obtain much less.
2-      (Johnson, 2000) (R.Kane, 1988) It’s achieved by avoiding open positions in foreign exchange market. Open positions consult with imbalances in foreign foreign money property and liabilities maturing sooner or later.
For instance: if a US exporter, who expects to obtain £2000 in six months. The anticipated sum is price $4000 at a present spot price of £1=$2,00 ,however ought to the sterling depreciate to £1=$1,50 , by the tip of this era. The US buyer will obtain solely $3000 , and can lose $1000.
If nonetheless the US exporter had initially contracted to promote sterling ahead at six months ahead price of £1=$1,90 , for instance, he would have acquired $3800 and he’ll lose simply $200, which extra higher than $1000.

(R.Kane, 1988, p. 32)

The threat of exchange foreign money charges and the hedging

(BPP Monetary Publishing, 1994, p. Four)

(Johnson, 2000) (Steven Bell and Brian Kettell, 1983)The hedging takes place within the ahead markets, swap, future and possibility reasonably than within the spot market. (Johnson, 2000) (R.Kane, 1988) (Steven Bell and Brian Kettell, 1983) The speculators don’t want hedging to their transaction, as a result of they take threat to make big earnings.

2.Three.2 Hypothesis:
(R.Kane, 1988) (Steven Bell and Brian Kettell, 1983) It’s reverse of hedging, which normally takes place within the ahead market. Additionally it takes climate with robust or weak currencies. The speculators anticipate or search the chance, so (Johnson, 2000) (Steven Bell and Brian Kettell, 1983) the hypothesis is shopping for or promoting foreign foreign money with the intention of manufacturing earnings by precisely anticipating the path of foreign money value adjustments. The speculator could make a revenue when the costs go up or down, for instance for each:
1-      (Steven Bell and Brian Kettell, 1983) When the costs go up. For instance, if the speculator expects the spot price of a foreign money to be increased in three months.  May he bid the foreign money within the spot market as we speak’s spot price, maintain it for 3 months. Then promote it within the spot market after three months. If hello is true, he’ll make a revenue, in any other case he might lose.
2-      (Steven Bell and Brian Kettell, 1983) When the costs go down. For instance, if the speculator expects the spot price to be decrease in three months, he might borrow the foreign foreign money and exchange it for the nationwide foreign money at as we speak’s spot price. After three months, if the spot price on the foreign foreign money is sufficiently decrease, he could make a revenue be having the ability to repay the foreign foreign money to clear his foreign exchange mortgage on the decrease spot value.
(R.Kane, 1988) Hypothesis may very well be carried out via each the spot and ahead exchange markets and engages the institution of quick positions in weak currencies, that are anticipated to depreciate or to be devalued. On the opposite aspect, it’s completed by taking lengthy positions in robust currencies, that are anticipated to understand.

2.Three.Three Arbitrage:
(Pilbeam, 2006) (Black, 2000) It’s the exploitation of value differentials for riskless to make (in a number of markets) revenue. (Steven Bell and Brian Kettell, 1983) The arbitrage helps to attenuate and remove the speed differentials in lots of markets. It’s completed when there is a rise within the demand for currencies within the market the place it’s at a lower cost or when there is a rise within the provide of the currencies within the market the place it’s at the next value. Now most banks dealing within the foreign exchange foreign money price actions all through the world helps in eliminating such differentials via arbitrage or riskless earnings. Every time the charges get out of line, arbitrage takes place thereby placing the charges again in line.
There are a lot of varieties of arbitrage, for instance (Steven Bell and Brian Kettell, 1983) (R.Kane, 1988):
1-      The Monetary heart arbitrage. To elucidate that: suppose that the USDGBP exchange price quoted in New York is identical as that quoted in London and different Monetary canters. It’s because if the exchange price is $1.89/£1 in New York however is $1.87/£1 in London, it will be worthwhile for banks to bid kilos in London and concurrently promote them in New York and make a revenue 2 cent for each pound purchased and bought.
2-      Cross foreign money arbitrage.
Three-      Two-point arbitrage.
Four-      Three-point arbitrage.

Three. The Foreign Exchange Market in Islam:
Earlier than beginning with significantly the foreign exchange market within the Islam, it will be higher to begin with the buying and selling in Islam (Albay’a) and to grasp the foundations in Islam about commerce (Albay’a). What’s extra fascinating is that there’s a relation between commerce, usury or curiosity (Alriba) and the exchange foreign money (Alsarf). So, let’s first clarify the riba in Islam and the exchange (Alsarf).

Three.1 Buying and selling in Islam (Albay’a):
Buying and selling in Islam (Gla’ahgy, 2001) is Exchange cash for cash or exchange of factor of worth by / for one more factor of worth with an settlement.

Three.1.1 The ethics of buying and selling in Islam:
The buying and selling is permissible in Qur’an, Sunnah and Ijma’ah. Initially, the proof from the Qur’an the place Almighty Allah says in Sura Albakrah verse 275 “Allah has allowed commerce”. And in Sura Albakrah verse 282 “if you find yourself making commerce it should to be there witnesses”. Within the second place, the evidences from the Sunnah, the prophet Mohammad (prayers and peace of Allah be upon him) mentioned “The merchants are within the possibility or liberties earlier than they go away one another” (Alshanqety). Lastly, the students agreed with the evidences and no certainly one of them had disagreed.
The cause of permitting the buying and selling (IbnQdamah, 1997), is that the people who find themselves concerned in commerce meet their wants via exchange with another person, as nobody can produce every little thing one wants for consumption.

Three.1.2 How the commerce is made?
The commerce is made by two fundamental issues (IbnQdamah, 1997) (Albhuty, 1994) (Gla’ahgy, 2001), the Ejab (provide) the Qabol (settle for) with out this issues it couldn’t make any commerce. The provide and the settle for is perhaps by speech or by motion which implies with out talking or through the use of electronics issues for instance (Alsalus, 2002) e-mail or fax and so on. The provide and settle for may additionally be by what’s frequent within the market.
Three.1.Three To make commerce legitimate in Islam it’s subjected to some circumstances. That are usually:
These circumstances are concluded from  (IbnQdamah, 1997) (Albhuty, 1994) (Gla’ahgy, 2001).
1-      The events ought to have authorized capability and aren’t bedlam or one thing like that. To be grownup in Islam is the age 15.
2-      The events ought to commerce with mutual consent.
Three-      The object concerned within the commerce must be allowable in Islam,
Four-      The object must be owned by the vendor. As a result of the propjet Mohammad (prayers and peace of Allah be upon him) mentioned “don’t purchase what don’t personal” (Alshokany, 2002).
5-      The object must be able to being delivered or handed. If not, this will probably be Gharar (threat, hazard) which isn’t allowable in Islam (D. Abdulah Almusleh and D. Slaah Alsawy, 2001), the prophet Mohammad (prayers and peace of Allah be upon him) (forbidden purchase by stone and gharar or hazard) (Alhjaj, 1954).
6-      The object must be recognized to each events.
7-      The value for the item must be recognized to each events.

Three.2 The Riba (usury) in Islam:
 (IbnQdamah, 1997) (Albhuty, 1994) (Gla’ahgy, 2001) The riba is the rise (curiosity) or the delayed in particular cash, or the rise which an proprietor of beneficial property receives from an proprietor for giving him/her time to repay him/her time to repay his/her debt.

Three.2.1 The ruling of the riba in Islam:
The riba just isn’t permissible in Quran, Sunnah and Ijma’ah. Initially, the proof from Quran, Almighty Allah says in Sura Albakrah verse 275 “Allah has allowed commerce and forbidden the riba.” From the Sunna, the prophet mentioned “avoidance the seven pernicious, certainly one of them the buying and selling by riba” (Alshanqety). The prophet Mohammad (prayers and peace of Allah be upon him) mentioned “cursing who’s buying and selling by riba , his agent, the witnesses and who writes the contract” (Alshanqety). And, the prophet Mohammad (prayers and peace of Allah be upon him) mentioned “the riba is 73 varieties, the better one is like the one that makes intercourse together with his mom” (Maghltawy, 1999). Lastly, from the Ijma’ah the students agreed with the evidences above and no certainly one of them disagreed.

Three.2.2 The varieties of riba in Islam:
The prophet Mohammad (prayers and peace of Allah be upon him) mentioned “any debt with any profit is riba” (Alshokany, 2002). And the prophet Mohammad (prayers and peace of Allah be upon him) mentioned “gold for gold, silver for silver, complete meal for complete meal, barley for barley, dates for dates, salt for salt, equal for equal, like for like, hand handy, if the sorts of property differ, it’d promote them because it want offered it’s hand handy” (Alhjaj, 1954). From two Hadithes the riba is 2 varieties which concluded from (Alshubily, 2002):
1-       Riba Aldeyun (the rise within the debt), so this type is within the money owed. From the primary hadith it’d to mentioned that riba Aldeyun is 2 kinds:
A-    Riba Alqurudh, which is the proportion within the mortgage. For instance, if somebody loans one other one £100 and return it £110.
B-    Alzeyadt fi Aldeyn finish Hololeh, which implies the rise within the debt if somebody couldn’t pay his/her debt. For instance, if somebody loans £100 and when the time for settle he/she couldn’t pay the quantity, and brought a couple of time with improve within the debt.
2-      Riba Albyu’ah, which is within the commerce or the industrial exchange. From the second hadith because it is perhaps mentioned that riba Albyu’ah has two kinds:
A-    Riba Alfadhl (the rise).
B-    Riba Alnase’ah (the delay).
The causes of the six varieties to be riba, are two of them (Alshubily, 2002) (Alkhathlan, 2005), the price and the burden. Because of this, there are two teams; the primary one is the price which accommodates the gold and silver. The second one is the burden which accommodates the remaining.
To place it extra clearly and to see how Riba Albyu’ah seems in transactions, suppose that:
1-      A Particular person exchanges gold for gold or dates for dates and aren’t the identical in the price or weight with delay. There will probably be two riba, riba Alfadhl which gold and dates aren’t the identical in the price and weight, and riba Alnase’ah which is the transaction is delayed or not handed on the similar time as a result of there are from the identical group and type.
2-      A Particular person exchanges gold for silver or barley for salt and aren’t the identical in the price or weight with delay. There will probably be riba Alnase’ah, which implies the transaction is delayed. As a result of there are in the identical group however not the identical type, which implies it have to be handing in the identical time or the possession is delayed.
Three-      A Particular person exchanges gold for dates, and isn’t the identical and delayed. There will probably be no any riba. As a result of there aren’t the identical group and the identical type.

Three.2.Three The causes of forbiddance of the riba in Islam:
Earlier than beginning with the causes, it have to be good to know that, in Islam we should comply with what we’ve got received from Qur’an and Sunnah with out trying if there’s hurt to individuals or not. But when we’ve got hurt can we see it, it’d seem to elaborate it with extra evidences.
Firstly, riba Alfadhl (the rise in the identical group and the identical varieties) (Almetrek, 1993):
1-      To keep away from the waste cash and the surplus and the extravagance in buying and selling within the six varieties.
2-      To keep away from the monopoly.
Three-      To not make individuals detrimental to one another and to avoid wasting their cash and so on.
Secondly, riba Alnase’ah (the delayed in the identical group) (Almetrek, 1993):
1-      That is wrongful for the debtors.
2-      The individuals will dislike one another and so on.
To sum up from the riba, it may be mentioned, (Almetrek, 1993) the cash doesn’t produce cash. (Aboalsaud, 1968) Though, suppose that if the meter modified on occasion, for instance as we speak is at 100 centimetre and tomorrow at 95 subsequent week 115, what is going to occur to the people who find themselves making their transactions. This is identical for the cash.

Three.Three Foreign exchange foreign money in Islam (Alsarf):
When the currencies appeared on this planet (Alkhathlan, 2005), there was disagreement between Alfuqh’a, however now virtually of them agree that the foreign money is identical for gold and silver, as a result of it’s as a substitute gold and silver for buying and selling. Because of this, to exchange £ for £ it have to be handed it in the identical time with none delayed and the identical quantity climate that’s cash or notes, or the price for transaction or not, if the delay occurs or the quantity is totally different, this will probably be riba Alfadhl and Alnase’ah. What’s extra, if exchanged £ for $ it have to be handed in the identical time with none delayed, if there’s delay this will probably be riba Alnase’ah.

Three.Three.1 Operations within the foreign exchange market in Islam:
From the details and dialogue above, the 2 factors are clearly evident:
1-      The transactions within the spot market aren’t in opposition to the foundations in Islam, and this was working within the Prophet Mohammad’s (prayers and peace of Allah be upon him) time.
2-      The transactions within the ahead, future, possibility and swap markets are in opposition to the foundations in Islam, as a result of all these transactions are delayed; the handing or the possession is delayed.
Three.Four Hedging, hypothesis and arbitrage in Islam:
Fuqaha now are working to create a form of hedging which isn’t in opposition to the foundations in Islam, and certainly one of them D. Sami Alsuwailem who’s working within the Islamic Improvement Financial institution. He creates some sorts of hedging buildings which aren’t in opposition to the foundations in Islam nevertheless it is normally and didn’t make a full clarification on it. (Alsuwailem, 2006) The sorts of hedging that are beneficial for the entire market are foreign money, capital, cash and commodity, asset-liability, delta-hedging and mutual hedging. And that are beneficial only for foreign money (Alsuwailem, 2006) are pure hedging and parallel Murabaha.
There are three fundamental choices concerning the hypothesis in foreign exchange market, nevertheless it have to be recognized that there isn’t any disagreement concerning the hypothesis within the ahead markets, as a result of these markets are in opposition to the foundations in Islam. Because of this, the selections within the hypothesis are within the spot market:
1-       A number of the fuqaha they allowed; the hypothesis in currencies as a result of it’s not in opposition to the foundations in Islam.
2-       However a few of them for instance D. Abdulrahman Alatram allowed it with one situation, which is, the settlement for the transaction within the spot market is normally taken two-business days, so the speculators should not sells their new foreign money earlier than the settlement, as a result of this will probably be in opposition to the foundations in Islam, which is the speculator sells what they didn’t personal.
Three-      D. Aldarer didn’t permit the hypothesis within the foreign exchange market in any respect, as a result of this (Aldhareer, 1997) is a form of Alghrar (hazard, threat) which isn’t allowable in Islam. What’s extra the hypothesis within the foreign exchange market doesn’t make any advantages for the economic system.
It emerges that the arbitrage doesn’t go in opposition to the foundations in Islam, as a result of the arbitrage appears for probability to make earnings from the distinction within the costs within the markets. But it surely have to be within the spot market not the others.

Four. Conclusion:
It may be concluded from above, the foreign exchange market is essential for individuals, authorities and the personal sector. The foreign exchange market has the principle foreign money as US Greenback; some very lively locations for foreign currency trading are London and New York. The foreign exchange market has 5 fundamental parts, that are spot, ahead, future, possibility and swap. The spot market is normally used for the vital transactions, however the remaining, are used for the hypothesis. To keep away from hypothesis, the contributors within the market created hedging, nevertheless it fails in opposition to the facility of the speculators. The arbitrage is between the hedging and the hypothesis, which is in search of an excellent probability to make earnings from the variations within the costs present in numerous markets world wide.
As deduced from the report, most of the operations within the foreign exchange market are forbidden in Islam, besides the spot market which isn’t forbidden in Islam, as a result of it doesn’t go in opposition to the foundations in Islam. What’s extra empirical, it may be seen the Muslim scientists are in search of any points present within the markets, particularly of the Islamic Improvement Financial institution, The AAOII and the worldwide Islamic Academy of Fiqh.
The suggestions:
1-      It is perhaps useful for the governments to cease or cut back hypothesis from the foreign exchange market as a lot as they will.
2-      There’s a must develop the actual market which has the nice potential to take this world en route progress.
Three-       It’s the want of the hour to develop the devices of hedging which aren’t in opposition to the foundations in Islam.

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