الجمعة , مارس 1 2024

The Role of Islamic financial engineering in hedging risks and pandemics – Coronavirus as an example –

دور الهندسة المالية الإسلامية في التحوط من المخاطر والجوائح -كورونا نموذجا –

The technological boom and tremendous technical development that the world is witnessing today has led to the emergence of new terms. As a term, Islamic financial engineering is considered modern, and as a transaction it is an ancient transaction with historical roots in the jurisprudence of financial transactions. Within this research, I have explained the history of its inception and its differences and distinctions from its traditional counterpart in that it is characterized by legal legitimacy, economic efficiency, the momentum of financial products, and their multiplicity and diversity, such as the Murabaha contract, the Ijara contract, the Salam contract, Istisna’a, Tawarruq, Ijtijarar, and Islamic Sukuk.

Within this research, I highlighted the importance of Islamic financial engineering in Islamic banks and its effective role in hedging risks, such as liquidity risks, credit risks, and market risks. I also raised the issue of financial engineering related to disasters and pandemics, especially after the Corona pandemic.

And the extent of the readiness and flexibility of the Islamic Financial Engineering System in containing these calamities and developments, removing hardship and embarrassment from customers and banks, and finding solutions and jurisprudential, legal and technical solutions to such pandemics and emergencies, including the issue of postponing the payment of financing installments granted during the period of the height of the global pandemic Covid-19.

Keywords: Islamic financial engineering, catastrophes, damage prevention, effectiveness, hedging.

Dr. Emna mdoukhi BEN ABID, Assistant Professor, Al-Zaytouna University, Ez-zitouna University – TUNISIA

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