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Islamic Commercial Law: An Analysis of Futures and Options »

Book cover image of Islamic Commercial Law: An Analysis of Futures and Options by Prof. Mohammad Hashim Kamali

Authors: Prof. Mohammad Hashim Kamali
ISBN-13: 9780946621798, ISBN-10: 0946621799
Format: Hardcover
Publisher: Islamic Texts Society
Date Published: October 2001
Edition: (Non-applicable)

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Author Biography: Prof. Mohammad Hashim Kamali

Dr Mohammad Hashim Kamali is Professor of Law at the International Islamic University Malaysia where he has been teaching Islamic law and jurisprudence since 1985. Among his other works published by The Islamic Texts Society are: Principles of Islamic Jurisprudence, Freedom of Expression in Islam, The Dignity of Man: An Islamic Perspective, and Freedom, Equality and Justice in Islam.

Book Synopsis

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 Shari ah. 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.

Table of Contents

Pt. 1Futures Trading in the Market-Place
IThe Futures Contract1
IIUses of Futures15
IIIFutures Contracts and Conventional Contracts22
IVThe Futures Market30
VRisk Reduction Strategies43
VIThe Futures Markets of Alexandria and Kuala Lumpur49
Pt. 2Futures Trading and Conventional Sales: A Discourse in FIQH
VIIThe Shari ah Perspective on Commercial Transactions (Mu'amalat)66
VIIIUncertainty and Risk-Taking (Gharar) in Islamic Law84
IXThe Subject-Matter of a Sale99
X'Sell Not What is Not With You'110
XISale Prior to Taking Possession (Qabd)117
XIIDebt Clearance Sale (Bay al-Dayn bi'l-Dayn)125
XIIIDeferred Sale (Bay al-Mu'ajjal)131
XIVSpeculation or Gambling146
XVA Summary of Modern Opinion159
Pt. 3Options
XVIA Market Analysis of Options183
XVIIOptions (al-Ikhtiyarat) from the Islamic Legal Perspective191