Kontekstualisasi Hadis tentang Larangan Jual Beli Kali Bi Kali Pada Transaksi Kontrak Berjangka Komoditi (Futures Trading) Perspektif Maqasid Al-Syariah

Contextualization of the Hadith Regarding the Prohibition of Kali' Bil Kali' Sale in Commodity Futures Trading from the Perspective of Maqasid Al-Syariah

Abstract

Commodity Futures Trading is a crucial risk management instrument in the modern economy, yet its operationalization triggers intense debate in Islamic economic law. The primary issue lies in the deferment of both asset delivery and payment to the future, which is indicated to violate the Hadith prohibition on kali bi kali trading (exchanging a debt for a debt). This study aims to re-examine the legal status of futures trading through the recontextualization of the Hadith using a non-scholastic-textual approach. This qualitative study employs library research, utilizing a socio-historical approach (asbab al-wurud) and the substantial analysis of maqasid al-shariah."The research results indicate that although the hadith prohibiting ba'i al-kali' bi al-kali' has weaknesses in terms of the degree of its chain of narration (sanad), scholars across various schools of jurisprudence have reached a consensus (ijma') regarding its prohibition because it contains the effective cause ('illat) of maysir (speculation), gharar (uncertainty/deception), and the absence of real assets (a zero-sum game). In comparative analysis, conventional futures trading is proven to fulfill the conditions of the prohibition of ba'i al-kali' bi al-kali' as it fails to comply with the criteria of the Salam contract (which requires advance cash payment). This study concludes the importance of restructuring futures financial instruments based on Islamic Futures Contracts to safeguard the stability of the real sector and prevent systemic crises caused by a speculative economy.