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Vol 22 No 11 Nov/Dec 2017

Book of the Month

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The Law of Contract Damages

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Islamic Commercial Law

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ISBN13: 9780946621798
ISBN: 0946621799
Published: August 2001
Publisher: The Islamic Texts Society
Country of Publication: UK
Format: Hardback
Price: £47.99

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This text focuses on options and futures as trading tools and explores their validity from an Islamic legal point of view. After reviewing the existing rules of Islamic law of contract and verifying their relevance or otherwise to futures trading, the author 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 ""mashala"" (consideration of public interest) as enshrined in the Shari'ah.;The book 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.

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Islamic Law
Part 1 Futures trading in the market place: the futures contract; uses of futures; futures contracts and conventional contracts; the futures market; risk reduction strategies; the fututures markets of Alexandria and Kuala Lumpur.
Part 2 Futures trading - a discourse in Fiqh: the Shari'ah perspective on commercial transactions (Mu'amalat); uncertainty and risk-taking (Gharar); the subject-matter of a sale; ""sell not what is not with you""; sale prior to taking possession (Qabd); debt clearance sale (Bay' al-Dayn bi'l Dayn); deferred sale (Bay' al-Mu'ajjal); speculation or gambling; a summary of modern opinion.
Part 3 Options: a market analysis of options; options (al-Ikhtiyarat) from the Islamic legal perspective.