Islamic Law Of Contracts And Business Transactions

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.

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.

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.

This book is a basic treatise for those practising and arbitrating in the legal and commercial aspects of business in Middle East Countries. It examines the influence of traditional Islamic law on modern legislation as it affects trade, contracting, banking and financial operations. This book is highly topical and serves the needs of academics, of legal practitioners and of contractors.