Islamic Commercial Law: An Analysis of Futures and Options
focus on options and futures as trading tools and explores
their validity from an Islamic legal point of view. Futures
and options are a new phenomenon, which has no parallel in
Islamic commercial law. After reviewing the existing rules
of Islamic law of contract an verifying their relevance to
futures trading, Professor Kamali advances new perspectives
on issues in futures and options based on novel
interpretations of the Quran and the Sunna, reffering also
to the principle of masalaha (consideration of public
interest) as enshrined in the Shariah.
The book begins with the discussion of general ethics in
business transactions according to Islamic teachings. The
reader is then introduced with the nature of transactions in
general, classification of contract, parties thereto,
subject matter of contract as well as the formalities
required for the conclusion of contract. The author also
explores the issue of intention and consent of the parties,
while the freedom of contract under law, is given special
treatment. This work provides text-reading package on
regulatory frameworks of Islamic finance i.e., work is also
a useful guide on Islamic financial contracts for
practitioners in the Islamic commercial institutions of the
contemporary markets.
This work deals with the issue of 'Invitation to Treat'
under Islamic Common Law principles. Specific issues such as
comparison between Khiyar al-'Arb and Caveat Emptor, and
also the grounds for the dissolution of partnership with a
comparative treatment. The reader is also introduced with
the issue of earnest money (Bay' al-'Urban) in financial
security. The Book also discusses Halal stocks, and the
Shariah mechenisms of determining stocks. The writer also
explores the idea of Islamic Dinar as an alternative medium
of exchange for Muslim Countries. Islamic models of
insurance i.e., the concept of Takaful in general and family
or Islamic life insurance has also been analysed in this
menuscript. The study ends with an intellectual discussion
on Zakat as an able alternative to the modern social
security and finally a rediscovery has been made with an
Islamic common market in today's reality.
A collection of articles aimed
at providing basic information about the principles of
Islamic finance and modes of financing. Deals with practical
issues. Mufti Taqi Usmani is an authority on Islamic finance
is represented at shariah boards of various Islamic banks
across the world.
