1) Islamic Derivatives: Past, Present, and Future A) A wellknown American multimilionaire who has made his riches partly through the derivatives market has an interest to be the next billionaire. He notice that Malaysia offers a lucratrive destination to reach his goal by venturing into Islamic financing primarly on Islamic derivatives. Fortunately, your firm in Malaysia was contacted and given the oppurtunity to be his fund manager. The American multimilionaire is interested in islamic derivatives concerning forward & futures, options, swaps and currency transactions market. Your client is interested and has few inquireies regarding: a) What are the differences between conventional derivatives with shariah compliant derivatives in terms of; forward & futures, 11) options, II) swaps and currency transaction. B) What is speculation, and what is its nature of its relationship to gharar and maysir? 2) Prospect for a Derivatives Market in Malaysia A) In making financial desicions, we are aware that excuting higher risk accounts to higher return. Does islamic financing mainly shariah compliant derivatives premits risk taking activities in making financial decisions? Briefly explain and give examples based on the journal. B) Explain how derivatives can be determined as Shariah compliant