Takyif Fiqhi terhadap Konsep Spekulasi

Abstract

Kajian ini bertujuan untuk meninjau dan melihat perbezaan pandangan berhubung hukum spekulasi dalam pasaran kewangan dan kedudukannya menurut perspektif Islam. Idea ini timbul ekoran daripada ketidaksepakatan dalam kalangan sarjana Islam bagi menentukan hujah dan adaptasi perundangan Islam (takyīf fiqhi) terhadap konsep spekulasi yang sering dikaitkan dengan dua istilah lain yang digunakan dalam konteks kewangan iaitu pelaburan dan perjudian. Rentetan daripada itu, para sarjana berbeza dalam menentukan hukum spekulasi. Tambahan pula, spekulasi merupakan istilah baru yang wujud pada zaman moden. Justeru, kajian ini bertujuan untuk mengkaji status spekulasi menurut perspektif fiqh. Bagi mencapai tujuan tersebut, kajian yang berbentuk kualitatif ini menggunakan pendekatan takyīf fiqhi dalam melakukan analisis data. Hasil kajian mendapati bahawa terdapat lima takyīf fiqhi yang dicadangkan oleh para sarjana, iaitu pelaburan, al-gharar, al-maysir, al-najash, dan al-bayʻ. Kesamaran terhadap takyīf fiqhi yang telah digunakan memerlukan penyelidikan kerana hakikat spekulasi adalah berbeza berdasarkan instrumen kewangan yang terlibat. Walau bagaimanapun, kajian ini hanya memfokuskan analisis takyīf fiqhi terhadap definisi spekulasi yang diberikan oleh sarjana secara umum tanpa memperincikan bentuk-bentuk spekulasi yang terlibat dalam setiap jenis instrumen kewangan seperti harta tanah, saham, dan derivatif. Hasil kajian mendapati spekulasi secara umumnya
mempunyai konsep tersendiri yang tidak boleh disamakan dengan konsep jual beli (al-bay’), pelaburan, perjudian (al-maysir), al-gharar mahupun al-najash.

Takyif Fiqhi (Legal Adaptation) of Speculation Concept

The objective of this research is to review and to consider different opinions in relation to the practice of speculation in the financial market and its position according to the Islamic perspective. This idea arises because of disagreement among Muslims scholars in determining the evidence and takyif fiqhi (legal adaptation) of the concept of speculation which is often associated with two other terms, namely, investment and gambling. The scholars have different opinions in determining the law (hukm) on speculation. In addition to that, speculation is a new term that exists in this modern time. Hence, the study aims to examine the status of speculation from the fiqh perspective. To achieve this objective, this qualitative study uses the takyīf fiqhi approach in performing data analysis. The findings show that five takyīf fiqhi have been proposed by scholars. They are investment, al-gharar, al-maysir, al-najash and al-bay’. The ambiguity of the applied takyīf fiqhi requires deeper research because the speculative element in financial instruments differ with the type of instruments involved. However, this study focuses on the notion of fiqh analysis on speculative definitions given by scholars in general without specifying the forms of speculation involved in each type of financial instrument such as property, stock and derivatives. The findings suggest that speculation generally has its own concept that cannot be characterized under the contract of sale and purchase (al-bay’), investment, gambling (al-maysir), al-gharar or al-najash.