株式市場の「ギャンブル性」とイスラーム金融思想との整合性をめぐって

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  • カブシキ シジョウ ノ ギャンブルセイ ト イスラーム キンユウ シソウ トノ セイゴウセイ オ メグッテ

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The recent financial development in the Middle East is remarkable, and Islamic financial system which includes stock market is pursued passionately. In the stock exchange, the first action of buying (or selling) is clearly according to the Shari'a standard, but the transactions of issued stocks seems to contain a gambling or a speculation. It is very difficult work to classify each transaction into investment, speculation, and gambling clearly from the academic or practical person's viewpoint. This paper, concentrating on stock market, made a study on this problem and its more fundamental causes, and the following points are pointed out. First, Islamic world tends to recognize this world to be funded by the inevitability of cause and effect, though non-Islamic world accepts a probabilistic understanding of the world widely. Secondly, in the result, Islamic world tends to think the decreasing of uncertainty in transaction will be attained by the increase of knowledge. Thirdly, Islamic world has settled the problems by the changing operational limits of Shari'a gradually till now. Finally, from these points, the problem of relatively low economic efficiency of Islamic economy comparing with conventional economic system and the problem of cumbersome responses to non-Islamic world seem to remain in the future, too.

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