Opinions regarding the purpose of physical delivery in Islamic law and its reflection on commodity derivative contracts

It is of great importance for the economy that the most frequently made purchase and sale contract in the society can be concluded in accordance with its purpose. Kabz is also necessary in order to conclude trading transactions. Kabz, which is used in fiqh to mean having the right to dispose of a commodity, is necessary for the completion of the buying and selling transactions. Because, when there is no kabz in buying and selling transactions, the main purpose of the transaction is not realized. Today, depending on the development of technology, kabz methods are changing. One of these transactions is commodity derivative transactions. In commodity derivative transactions, the sale of the subject asset to another person takes place without being accepted. It is a matter of debate whether the kabz, which is stipulated in fiqh in order for the purchase and sale transactions to be concluded and carried out in accordance with its purpose, is economically necessary in today's commodity markets. The main purpose of this study is to include opinions and discussions about kabz in fiqh and to discuss the purpose of the prohibition of selling before kabz as a result of the discussions, and then to reveal the effects of kabz on commodity markets. As a result, in this study, it has been concluded that purchase and sale contracts are necessary for the fulfillment of the purpose of purchase and sale contracts in commodity derivative contracts and that these contracts will cause some economic problems when the acquisition does not occur.