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Full Description
"Islamic Commercial Lawground-breaking study, written by a renowned scholar in the field of Islamic law, Prof M. H. Kamali, focusing on options and futures as trading tools, exploring their validity from an Islamic point of view. In this work, Prof M. H. Kamali advances a new perspective on the issue of futures and options based on an interpretation of the Qur'an and the Sunna 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. Prof M. H. Kamali concludes this work by providing the most advisable approach to commercial speculation in futures and options, especially the one that most serves the public interest as enshrined in Sharia. So as to aid the reader's understanding of this topic, the author also includes a helpful glossary of all technical Arabic terms that appear in this work. Prof M. H. Kamali's "Islamic Commercial Law" is recommended reading for anyone working on Islamic law, comparative law, or Islamic banking, and is an essential contribution to the topic of Islamic commercial law.
Contents
Acknowledgements---Introduction---Part OneMarket-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 "Shariah" 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
