Otherwise, forward and swaps contracts on commodities and shares could seamlessly be accommodated in Islamic finance. Even the trading of options is not found incompatible with Shariah principles. However, further work is still necessary to assess the implication for Islamic finance in terms of social welfare, speculation and risk-sharing, and more specifically risk management.
31  ERRICO Luca & FARRAHBAKSH Mitra, “Islamic Banking: Issues in Prudential Regulation and Supervision,” IMF Working Paper 98/30, March 1998; http://www.imf.org/external/pubs/ft/wp/wp9830.pdf; also see, EL HAWARY Dahlia, GRAIS Wafik, IQBAL Zamir, “Regulating Islamic Financial Institutions: The Nature of the Regulated,” World Bank Working Paper 3227. 32  Hong Kong Monetary Authority, Quarterly Bulletin, December 2008. 33  E.g.