Call Warrant in Islamic Perspective

option contractwhich is commonly used in the international financial market Since the subject matter is neither a recognised asset nor usufruct nor a financial right which can be exchanged, the contract is not permissible.

 The Malaysian Shariah scholars uphold the opinion of some contemporary jurists in approving the purchase of call warrants. The main reasons given for permitting call warrants are: it fulfils the features of mal (property) according to Islamic jurisprudence as outlined in the haq maliy and hak tomalluk

 satisfies the concept of haqq mali and haqq tamalluq which is transferable based on the majority of fuqaha views * haq maliy can be traded if it complies with Islamic principles and conditions of buying and selling

 The Haq Maliy Principle Haq maliy are rights on assets with financial values, examples of such rights are haq dayn (debt rights) and haq tamalluk (ownership rights).