Publisher's Synopsis
Islamic Law of Contract: Applications in Islamic Finance is a systematic exposition of Shariah rules in the field of Fiqh al-Mu amlat (Islamic law of Contracts and Transactions), with their applications in the modern business and commercial transactions. The book deals with the general theory of contracts in Islam, formation of contract, concepts of riba, gharar, maysir and their effect on the contract. It also discusses in lucid manner specific nominate contracts such as contracts of sale, ijarah, partnership, mudarabah, surety-ship, rahn and many other contracts that constitute the corpus of Islamic commercial law. While dealing with these contracts, the focus of the book has been on their modern applications in banking and finance.The book also deals with current issues of Islamic finance, such as the use of hiyal (stratagems) in Islamic banking, Ideal maqasid in Islamic finance, Takaful, Islamic microfinance, and screening norms of equities. The book is an attempt to introduce Fiqh al-Muamlat as a viable and vibrant commercial law of the 21st century that has the potential to meet the needs of modern economic and commercial life.
