Islamic Law Of Contract

Islam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur’ān and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur’ān, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic contract law and specifically Islamic financial contracts, and to examine its roots and history. The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts. The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic financial contracts.

Since the discovery of oil in the Middle East an increasing number of important contracts must be framed in accordance with the Shari'a. Moreover various factors have helped to create among Muslims a more acute sense of an original Islamic identity & a collective feeling that Shari's should govern their lives not only with regard to personal & family matters but also as a valid & reasonable corpus of commercial & civil laws. The ban on taking interest (riba) & the rejection of chance contracts (gharar) are two features of an Islamic law of contract which contrast with the secular man-made legal systems of the West. This book is concerned with these two Islamic Prohibitory rules & with the interest-free banking system which has developed therefrom. This is a new enlarged edition where the comparative examination of the topics of the book is updated & furthermore extended to cover the Shi'a Ja'fari fiqh. As a result all aspects are examined in the light of the teachings of the four Sunni schools -which hold authority in the Arab states & in Pakistan -of the Ibadis strongly present in Oman & of the Shi'a Ja'faris prevalent in Iran & largely present in Iraq, Bahrein, Kuweit & Lebanon. The new edition will confirm the use of the initial one as a text book with a particular appeal to academics & practising lawyers. It also provides an insight into the religious & idealogical foundations claimed by Islamic banking.

A concise study of the practices in Islamic commercial law Filling a gap in the current literature, Islamic Commercial Law is the only book available that combines the theory and practice of Islamic commercial law in an English-language text. From the experts at the International Islamic University Malaysia, the book examines the source materials in the Qur'an and Hadith, and highlights the views and positions of leading schools of Islamic law, without burying the reader in juristic minutia. It combines theory with practice to address the needs of students while providing a pragmatic treatment of Islamic contracts. It provides diagrams for individual contracts to reveal the type and nature of the contractual relationships between parties and discusses all types of fundamental transactions, including sales, loans, debt transfers, partnerships, and more. Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance Closes a vital gap in the English-language literature on Islamic commercial law Features end-of-chapter questions to enable self-testing and provoke critical thinking An ideal guide for current students, researchers, and practitioners, Islamic Commercial Law offers a concise yet comprehensive coverage of the subject.

The book aims to highlight the magnificent and valuable work of old jurists and modern scholars in contracts and transactions. The book has been written to serve as a textbook for the subject of 'Islamic Law of Contract' studied by the students of L.L.B at International Islamic University as a part of their prescribed scheme of study. It may also prove to be helpful for students of Economics and Business Administration and for all those who are interested in studying the Business Law of Islam. The book is divided into two parts. The first part deals with the general theory of contracts in Islam wherein topics such as general principles of contracts, elements of a contract, delegated authority, division of contracts into valid, voidable and void contracts, gharar, Riba, extrinsic conditions, defect of consent, and the classification of contracts concerning their subject matter have been discussed. The second part deals with specific contracts such as contracts of sale, leasing, partnership, mudãrabah, suretyship, and assignment of debt. While dealing with these contacts, both theory and practice have been emphasised. For example, under mudarabah contracts, not only have the conditions of mudarabah in fiqh been identified, but their banking applications have also been discussed.

This book introduces students to the theoretical and philosophical foundations of Islamic contractual law. Islamic law is applied in differing degrees by many countries across the world and especially in the Middle East. Considering the strategic and financial importance of these countries, taken as a whole, it is surprising how little academic writing exists in the West on either Islamic law or Middle Eastern law. Recently, there have been signs of a burgeoning interest in Middle Eastern law. However, traditional Islamic law remains a neglected area of study. Hussein Hassan makes a significant contribution by presenting a detailed survey (which utilizes both contemporary and classical sources) of a crucially important area of Islamic law - contract law - and by adopting an approach that gives priority to theory and to a comparative analysis with Anglo-American law theory. Contracts in Islamic Law offers an invaluable resource to academics and researchers with a specific interest in Islamic law, to postgraduate students and final year students of law, and to scholars whose main focus is Anglo-American contract law but who are interested in comparative law/theory. The book will also appeal to a non-legal readership working in Islamic studies more generally.