fa قرارداد اختیار معامله از منظر فقه اسلامی تخصصي Special كاربردي Applicable <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">یکی از ابتکارهای متخصصین در امورمالی ابزارهای مالی مشتقه می‌باشد، که در رشد و</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شکوفا شدن بازارهای مالی نقش کلیدی ایفا می‌نماید. رویکرد و هدف اصلی از ابداع این ابزارها مقابله با ریسک می</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">باشدکه باگذشت زمان تکامل و تنوع بیشتری پیدا می‌کنند. از مهم</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ترین این ابزارها، قرارداد اختیار معامله است که در مقایسه با سایر ابزارهای مشتقه از انعطاف</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">پذیری بیشتری برخوردار است و در نتیجه به</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">وسیله آن بهتر می‌توان خطرات ناشی از نوسانات قیمت را پوشش داد، اما از</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">آن</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">جایی که قرارداد اختیار معامله، از عقود نوظهور است، جمعی از حقوق</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دانان و فقها، به ویژه فقهای عامه</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">(اهل سنت) قراردادهای یاد</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شده را واجد ایرادات عدیده دانسته و از جهات مختلف در صحت آن تردید نموده‌اند</span></span></span></em>&nbsp;<em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">همچنین وجود</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دو</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">نقیصه</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">در</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قراردادهای</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">آتی</span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;"> یکسان </span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">باعث</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شد</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">تا</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">حقّ</span></span></span></em>&nbsp;<em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">اختیار</span></span></span></em>&nbsp;<em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">معامله</span></span></span></em>&nbsp;<em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ایجاد</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شود</span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">. </span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">در</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قراردادهای</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">آتی یکسان،</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قیمت</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">در</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قرارداد</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ثابت</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">است</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">و</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">از</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ریسک</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">تغییرات</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قیمت</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">جلوگیری</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">می</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">کند؛</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ولی</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دو</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">طرف</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">نمی</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">توانند</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">از</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">تغییرات</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قیمت</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">در</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">بازار،</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">منفعتی</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">کسب</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">کنند</span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">. </span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">نقیصه</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دوم،</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">عدم</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">امکان</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">استفاده</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">آن</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">برای</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">مدیریت</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">بدهی</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">های</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">اقتضایی</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">و</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">احتمالی</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">است؛</span></span></span></em><em><span dir="LTR"><span style="color: black;"><span style="font-family: arial,sans-serif;"><span style="font-size: 10.5pt;">&shy; </span></span></span></span></em><em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">اما</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">در</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">بحث</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">فقهی</span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">حقّ</span></span></span></span></em>&nbsp;<em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">اختیار</span></span></span></span></em>&nbsp;<em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">معامله</span></span></span></span></em>&nbsp;<em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">را</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">نمی</span></span></span></span></em><em><span dir="LTR" style="background: white;"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">توان</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شبیه</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قولنامه</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">یا</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">بیمه</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">یا</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">بیع</span></span></span></span></em><em><span dir="LTR" style="background: white;"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">العربون</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دانست؛</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ولی</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">قابلیت</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">تصحیح</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شرعی</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">را</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دارد</span></span></span></span></em><em><span dir="LTR" style="background: white;"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">.</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دراین</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">مقاله</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">نظریه</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">علمای</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">اهل</span></span></span></span></em><em><span dir="LTR" style="background: white;"><span style="color: black;"><span style="font-family: vani,serif;"><span style="font-size: 10.5pt;">&shy;</span></span></span></span></em><em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">سنت</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">وشیعه</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">به</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">همراه</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">توضیحات</span></span></span></span></em> <em><span style="background: white;"><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">لازم</span></span></span></span></em> &nbsp;<em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">با</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">دلیل</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">ذکر</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">شده</span></span></span></em> <em><span style="color: black;"><span style="font-family: b nazanin;"><span style="font-size: 10.5pt;">است.</span></span></span></em> One of the initiatives of specialists in finance is derivative financial instruments which has a special role in the growth of financial markets. The main objective of developing these tools is confronting the risks that they become more evolved and variant over time. One of the most important tools is the option contract which is more flexible comparing to other derivative tools, so price fluctuation Risks are better covered, but as far as option contracts are of the new ones, a group of jurists and lawyers criticized these contracts and they are not sure about their authenticity. Also, there are two shortcomings in same future contracts that make an option deal. In same future contracts, the price is fixed in the contract and it prevents price change risks, but the two parties do not profit from market changes. The second shortcoming is the inability to use it for managing possible and expediency debts, but in legal discussions, Option deal is not considered as a memorandum or insurance, but they can be corrected legally. In this paper, the theories of Shiite and Sunni scholars are presented with their explanations اختیار معامله, اوراق اختیار معامله, قرارداد آتی یکسان, پیمان آتی, بیع العربون, بیمه Deal Options, Deal Option Bonds, Same Future Contracts, Upcoming Deal, insurance, Arabic Sale 31 43 http://mieaoi.ir/browse.php?a_code=A-10-286-25&slc_lang=fa&sid=1 علی حق‌شناس 10031947532846002426 10031947532846002426 Yes دانشجوی کارشناسی ارشد مدیریت مالی دانشگاه علم و هنر یزد محمد حسین عبدالرحیمیان 10031947532846002427 10031947532846002427 No عضو هیأت علمی دانشگاه آیت الله حائری میبد حمیده رامتین 10031947532846002428 10031947532846002428 No کارشناس ارشد رشته اقتصاد دانشگاه یزد