Feasibility study of using commodity swaps in Iran's Capital Market from the Fiqhi Viewpoint

Swap contracts as derivative instruments have a great significance and are used widely in financial markets that commodity swap is one of them. Since Iran’s financial market is broadening, according to the regulations of Iran’s capital market, all of the instruments should be accepted by sharia’ rules. This paper using descriptive-analytical methodology in addition to recognition of the subject and the necessity of using commodity swap in Iran’s financial market, studies this contract from the fiqh-law viewpoint. On this base, after comparing swap and sale contracts, the nature of swap that is the nearer contract to commodity swap is studied in fiqh and law and is proven that swap is an independent contract from sale contract and is in accordance with fiqh rules, but the thing that is exchanged should be personal or a general thing on due. This paper recognizes the thing exchanged in commodity swap is out of the rules of swap and sale contract. It is also noted that the commodity swap cannot be corrected through obligation versus obligation, since It suffers from riba.