Future Exchange Contracts and Their Islamic Alternatives

Future exchange contracts are among the most prominent type of derivative contracts that emerged after the disengagement between the US dollar and gold and the resulting turmoil in the prices of many currencies. This article aims to study this type of contract in order to know the mechanism of its implementation and the differences between these contracts and Forward exchange contracts, and to reach the legal ruling for future exchange contracts in light of that. This study will also demonstrate the need for such types of contracts today. Then, the İslamic alternatives proposed by some contemporaries scholars will be discussed to determine their feasibility in practical terms. So after clarifying the mechanism of conducting these contracts and their characteristics, The contemporaries scholars ’views will be detailed in these contracts. While following this by mentioning what was stipulated in the fatwas of the sharia bords and the decisions of the Fiqh councils related to these contracts. And then discussing the evidence for these opinions and fatwas, leading to the most correct opinion on Future exchange contracts. And I followed the inductiveanalytical approach to reach that.