Overview

Islamic Commercial Law: An Analysis of Futures and Options focuses on options and futures as trading tools and explores their validity from an Islamic point of view. Futures and options are a completely new phenomenon which has no parallel in Islamic commercial law. After reviewing the existing rules of Islamic law of contract and verifying their relevance or otherwise to futures trading, the author, Professor M H Kamali, advances a new perspective on the issue of futures and options based on an interpretation of the Qur'an and the Sunnah and referring to the principle of maslaha (consideration of public interest) as enshrined in the Sharia. Islamic Commercial Law consists of three parts. Part One is devoted to the description of futures trading and the understanding of operational procedures of futures and futures markets; Part Two investigates the issue of permissibility of futures trading in Islamic law and the underlying questions of risk-taking and speculation, which are of central concern to the topic. Part Three is devoted to an analysis of options. This work will be of use to anyone working on Islamic law, comparative law or working in Islamic banking.

Full Product Details

Author:   Mohammad Hashim Kamali
Publisher:   The Islamic Texts Society
Imprint:   The Islamic Texts Society
Dimensions:   Width: 15.60cm , Height: 1.80cm , Length: 23.40cm
Weight:   0.445kg
ISBN:  

9780946621804

ISBN 10:   0946621802
Pages:   276
Publication Date:   01 January 2001
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Acknowledgements Introduction Part One: Futures Trading in the Market-Place    I. The Futures Contract    II. Uses of Futures    III. Futures Contracts and Conventional Contracts    IV. The Futures Market    V. Risk Reduction Strategies    VI. The Futures Markets of Alexandria and Kuala Lumpur Part Two: Futures Trading and Conventional Sales: A Discourse in Fiqh    Introductory Remarks    VII. The Shari'ah Perspective on Commercial Transactions (Mu'amalat)    VIII. Uncertainty and Risk-Taking (Gharar) in Islamic Law    IX. The Subject-Matter of a Sale    X. 'Sell Not What is Not With You'    XI. Sale Prior to Taking Possession (Qabd)    XII. Debt Clearance Sale (Bay' al-Dayn bi'l-Dayn)    XIII. Deferred Sale (Bay' al-Mu'ajjal)    XIV. Speculation or Gambling    XV. A Summary of Modern Opinion Part Three: Options    Introductory Remarks    XVI. A Market Analysis of Options    XVII. Options (al-Ikhtiyarat) from the Islamic Legal Perspective Conclusion Glossary Bibliography Index

Reviews

A model of Islamic analysis that I would commend to everyone. ---Mohammed Amin.

Author Information

Prof Mohammad H. Kamali is Chairman of the International Institute of Advanced Islamic Studies, Kuala Lumpur, Malaysia. He was formerly Professor of Law at the International Islamic University Malaysia, where he taught Islamic law and jurisprudence for over twenty years.

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