Islamski pristup tržištu kapitala
Islamic approach to capital market

Summary/Abstract: Financial markets, their instruments and institutions, are certainly of great importance for the financing of economic development. Activities in conventional financial markets are realised by using interest as the price of money, as well as an important investment incentive. On the other hand, Islamic economy rejects interest as a business category and aims to build a coherent financial system not based on interest. How does one recognise the financial instruments acceptable pursuant to the Shari’a and what should one’s attitude be towards shares, bonds, options, futures and other instruments of capital markets – if we want to align our financial conduct with the teachings of Islam? The aim of this paper is to analyse the basic features and acceptability of certain instruments of conventional financial markets and to see if they are acceptable from the point of view of Islamic economy. Research results indicate that ordinary shares and warranties are acceptable. On the other hands, preferential and other forms of shares which ‘give or secure’ more rights to their owners than to others, are not acceptable in light of the teaching of Islamic economy. Bonds as debtors’ securities are not acceptable, as they contain elements of interest, strictly forbidden in Islam. The same applies to hybrid financial instruments, i.e. financial derivatives, such as futures and options, because in addition to interest, they also contain elements of ‘betting or gambling’, equally unacceptable in Islamic financing principles and economy.

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