El-Din, Seif I. Tag - In: IIUM Journal of Economics and Management 12 (2004) 1, pp. 1-20
This paper criticizes the tendency to characterize an Islamic futures market mainly in terms of the salam contract (e.g. Khan, 1995). Salam is not only a financing mode, like banking murabahah, but it is basically a means of hedging for capital providers not producers. The financing function of...