''Islamic Commercial Law'' by
Mohammad Hashim Kamali
Mohammad Hashim Kamali (Pashto/Dari: ; born 7 February 1944) is an Afghan Islamic scholar and former professor of law at the International Islamic University of Malaysia. He taught Islamic law and jurisprudence between 1985 and 2004. One author ...
, professor of
law
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vario ...
at the
International Islamic University,
Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
, is an analysis of
options and
futures contract
In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset ...
s as trading tools from the point of view of
shariah
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...
.
The book is divided into three parts: the first describes
derivatives
The derivative of a function is the rate of change of the function's output relative to its input value.
Derivative may also refer to:
In mathematics and economics
* Brzozowski derivative in the theory of formal languages
* Formal derivative, an ...
trading in its nuts-and-bolts in secular terms. The second part looks at the issue of whether
futures trading
In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset ...
is permissible in Islamic law, and concludes that it is, due to the principle of
maslaha
Maslaha or maslahah ( ar, مصلحة, lit=public interest) is a concept in shari'ah ( Islamic divine law) regarded as a basis of law.I. Doi, Abdul Rahman. (1995). "Mașlahah". In John L. Esposito. ''The Oxford Encyclopedia of the Modern Islamic Wo ...
, i.e. consideration of the public interest. The third part of the book draws the same conclusion with regard to options.
Islamic literature
Islamic economic jurisprudence
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