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This text is the first of its kind on financial engineering and risk management in Islamic finance. It sets out guidelines for financial engineering from an Islamic perspective. It then goes on to explain the Islamic position on commodity futures, derivatives, options and financial contracting. The text also presents some practical issues concerning futures contracts and how they can be handled from an Islamic perspective. It brings out the different point of view in this respect and reflects the current state of knowledge as well as the challenges that lie ahead for Islamic financial engineers. The context helps in understanding the complex phenomenon of commodity futures. It explores the prospects of some Islamic contracts having similarity with commodity futures, forward contacts, especially in agriculture and Islamically permissible contractual arrangements for resource mobilization by the public sector. It also makes an analytical comparison between debt and equity contracts with regard to incentive compatibility and efficiency.