Legal and accounting issues of derivatives in muslim countries

• Project/Area Number: 21653007
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Single-year Grants
• Research Field: Civil law
• Research Institution: University of Tsukuba
• Principal Investigator: YANAGA Masao 筑波大学, ビジネスサイエンス系, 教授 (60191144)
• Project Period (FY): 2009 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥3,360,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥360,000); Fiscal Year 2011: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2010: ¥1,300,000 (Direct Cost: ¥1,300,000); Fiscal Year 2009: ¥500,000 (Direct Cost: ¥500,000)
• Keywords: デリバティブ / スワップ / オプション / 資産 / 負債 / シャリア / イスラム会計 / 銀行監督 / 賭博 / 財務会計 / オプション取引 / イスラム

Research Abstract

I tried to find the legal analysis of swaps and options from the shari'a point of view. A possible interpretation for shari'a-compliant options is based on sales contract with advance as well as khiyar al-shart. On the other hand, swap contracts might be shari'a compliant using the concept of bay'-al-tawarruq or wa'd.

Research Products

• [Journal Article] New Regulation on OTCderivatives in Japan (2011)
  • Author(s): Masao Yanaga
  • Journal Title: Journal ofInternational Banking Law and Regulation Volume: vol.26, No.1 Pages: 31-34
• [Journal Article] イスラム法の下でのデリバティブ(1)-オプション取引 (2010)
  • Author(s): 弥永真生
  • Journal Title: SFJ金融・資本市場研究 Volume: 2号 Pages: 17-25
  • NAID: 40018736049
• [Journal Article] Islamic Finance andFinancial Services Regulation in Japan (2009)
  • Author(s): Masao Yanaga
  • Journal Title: Journal of International BankingLaw and Regulation Volume: vol.24, No.4 Pages: 200-205
• [Presentation] Islamic finance : thestatus quo and challenges (2011)
  • Author(s): Masao Yanaga
  • Organizer: The 11th Tunisia-Japan Symposium on Science, Society and Technology
  • Place of Presentation: Hammamet, Tunisia
  • Year and Date: 2011-11-12
• [Presentation] Islamic finance : the status quo and challenges (2011)
  • Author(s): 弥永真生
  • Organizer: The 11th Tunisia-Japan Symposium on Science, Society and Technology
  • Place of Presentation: Hammamet, Tunisia
  • Year and Date: 2011-11-12
• [Remarks]
  • URL: http://www.sakura.cc.tsukuba.ac.jp/~kigyoho
• [Remarks]
  • URL: http://www.sakura.cc.tsukuba.ac.jp/~kigyoho