위험관리를 위한 이슬람옵션과 활용방안에 관한 연구
Study on Islamic Option and Practice for Risk Management
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초록
전통적금융의 대안으로서 무슬림에게 다양한 금융서비스를 제공하기 위한이슬람금융은 전통적금융기법에 샤리아의 원리를 적용하면서 발전되고 있다. 이러한 방향에 따라 이슬람금융 위험관리 분야도 전통적금융의 파생상품에 샤리아의 기본원리를 적용함으로써 활용범위가 점차 확대되고 있다. 즉, 전통적금융의 파생상품인 선물,옵션,스왑이 샤리아 원리가 적용된 위험관리 금융상품으로 변화되어 있다. 이 연구에서는 이슬람 파생상품중에서 옵션상품의 원리 및활용방안에 대하여 알아보고자 한다. 선물이나 스왑이 이자율이나 금융상품의가격변동위험에 활용되는 반면에 이슬람옵션은 주로 외환시장의 환변동위험관리에 활용되고 있다. 외환을 보유하고 있거나 필요한 기업은 환율변동에 따라손실의 위험에 노출되어 있어 이러한 위험의 헤지를 위해 선물환 또는 옵션을활용한다. 환변동위험 헤지를 위한 이슬람 옵션은 타와룩, 바이 알-사프와 무라바하가 결합되어 사용되어 지거나 와드를 통한 은행과의 화폐교환 약속을 통해작동된다. 이러한 이슬람옵션의 작동원리를 기초로 하여 이슬람옵션을 이슬람권에 진출한 우리나라 기업의 환변동위험 헤지에 적용하는 방안을 제시해 봄으로써, 이슬람옵션의 활용가능성을 제고하고자 한다.
Abstract
As an alternative of conventional finance to providing a variety of financial services to Muslims, Islamic finance has been developed by applying the principle of Shariah to conventional finance. In this trend, the scope of the Islamic financial risk management sector is gradually expanding as applying Shariah principles to that. That is, forward (furtures), option and swap as derivatives of conventional finance has evolved to islamic financial risk management products applied islamic principles. In this research, we look out principles and application method of islamic option among islamic derivatives. Wheres forward and swap products is used as hedging instrument of interest rate or financial products, islamic option is mostly applied in hedging of FX market risk management. Since firms with foreign currency or necessary for have an exposure of possible loss, for hedging of those risk is used Fx forward or option. Islamic option for FX risk management is operated in combining Tawarruq, bal al-sarf and murabaha and promising with bank for currency exchange through wa’ad. Based on these operational principles of islamic option, we want to enlarge application scope of isalmic option by proposing hedging method of FX risk for Korean firms in GCC countries.
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