requirements The reaserch should be focus on the derivatives instruments that is used to hedge firms from uncertain fluctuations in the cash market definition andr understanding of the purpose of derivatives, the issues pertaining futures from the fiqh studies and also view a picture of the maqasid Shariah This study aims to address the issues pertaining futures as an instrument of derivatives from the perspective of maqasid al-Shariah as it is the foundation for application of Islamic jurisprudence to derive the position of the higher objectives of Shariah on the subject-matter. The paper should present the lists of risk exposure businesses face in their day to day businesses. The study aim to conclude the necessity of risk mitigation from maqasid al-Shariah perspective as it is the fundamental in Islam and it addresses across all human activities including commerce. The research should address :- the risk issues and the fiqh issues the research for Islamic financial instruments in the future that could shift its focus on the practical usage of the instruments, looking at the legal form and regulation of such instruments chapter 1 : Research Methodology 1,1research problem Aims and Objectives of the Study Rationale of the Research Methodology of the Study Limitations and Implications LITERATURE REVIEW Chapter 2 part 1 Risk management 1-introduction 2- future contract 3- Mechanics of Futures The Need to Hedge Talking about the risk mangement and type of risk such as Market risk,inflation risk,credit risk, interest rate risk ,liquitiy risk,currency risk and political risk Identified Stages of Risk Elimination in Futures Instrument Chapter 2 part 2 Futures: An Islamic Perspective Gharar (Risk and Uncertainty) Maysir (Game of Chance) Fiqh Issues on Futures Including type of sale (look at the dissertation work uploaded) Sale of the unseen and non-existent (Bay al-madum and bay al-ghaib) Sell not what is not with you Deferred Sale (Bay al-muajjal) Gharar Sales Speculation and Gambling Chapter 3: Maqasid al-Shariah Definition theory of Maqasid al-Shariah Methodology Chapter 4: Part 1 Deducing Approach The Risk Element The View of Maqasid al-Shariah on Futures Bringing Ease and the Removal of Hardship Primary Sources: The Quran and Sunnah Conclusion References
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