AN OVERVIEW OF THE OPTIONS WITHIN AN ISLAMIC CONTEXT

The investors search the financial instruments which contain least cost and reduced risk. As a recap, the financial instrument is negotiable contracts and they are two sorts, at the: • First, the traditional assets financials with that are negotiated in market of the stock exchange (shares, bonds, and the part in organism for collective investment in securities value …) or other cash instruments such as loans and deposits commercialize in the market; • Second, the derived financial product: there are two types of contracts, for the one a close position like (forwards, futures, swaps) and for the other one, the optional position likes options or warrants. So, all Islamic country observes that the option hasn't legitimate in stock exchange and it has for originate most of the doctrine of Islam prohibit the transaction with all kinds of options,this implies a complete absence of options in the financial markets of Muslim countries and this context a random yield with in the money (ITM) of option equal zero