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Vol 23 No 4 April/May 2018

Book of the Month

Cover of Williams, Mortimer and Sunnucks: Executors, Administrators and Probate

Williams, Mortimer and Sunnucks: Executors, Administrators and Probate

Edited by: Alexander Learmonth, Charlotte Ford, Julia Clark, John Ross Martyn
Price: £295.00

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Islamic Commercial Law: An Analysis of Futures and Options

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ISBN13: 9780946621804
ISBN: 0946621802
Published: July 2003
Publisher: The Islamic Texts Society
Country of Publication: UK
Format: Paperback
Price: £19.99

Usually despatched in 1 to 3 weeks.

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 futures 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.