Özet:

The futures contract, particularly in the aftermath of the dissolution of the Bretton Woods agreement, has emerged as a contractual mechanism designed to protect against the adverse consequences of excessive volatility in national currencies and commodity prices. The fulfillment of obligations outlined in this contract is scheduled to occur at a predetermined date in the future. These contracts, under their execution within organized exchanges, exhibit a four-sided structure. The key actors in this context involve the principal seller and the customer, the intermediaries, and the clearing house. Those parties demonstrate distinct categorizations within their respective frameworks. While the legal standing of the original seller, and the customer is widely accepted without contention, there exists a disagreement regarding the legal standing of the clearing house and the intermediaries. The origins of a futures contract can be attributed to the establishment of a mutually binding agreement between the involved parties. The primary objective of this article is to conduct a comprehensive analysis of the parties involved in commodity futures contracts executed within organized markets, while also examining their legal interconnections from the perspective of Islamic law. As a result of the conducted analysis, it has been determined that intermediaries act as proxies for the principal parties in executing commodity futures contracts with the clearing house, whereas the clearing house takes the position of the counterparty, thus fulfilling its duty as a guarantor in the market. The significance of this outcome lies in the consequences for the positioning of parties within the commodity futures markets in accordance with Islamic law, as well as its potential to facilitate resolution in the case of disagreements.

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