Islamic Financial Contracts
A Research Companion
Islam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur’ān and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur’ān, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic contract law and specifically Islamic financial contracts, and to examine its roots and history.
The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts.
The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic financial contracts.
Table of Contents
Introduction 1. Some basic legal terminologies and concepts 2. Historical evolution of contracts and codification of Islamic law of contract 3. General theory: nominate contract, freedom of contract and the juristic person 4. Key features of business and guiding principles of Islamic contract law 5. Meaning and definition of contract in Islamic law 6. Constitution or formation of a valid contract 7. Parties and their legal capacities 8. Subject Matter 9. Mutual consent and intention to create legal relationship 10. Vitiating factors 11. Forbidden elements 12. Classification of contract 13. Cessation and dissolution of contract 14. System of options under contract 15. Remedies for breach of contract 16.Some important contracts Bibliography
Hussain Mohi-ud-Din Qadri, PhD, is a Deputy Chairman of the Board of Governors of Minhaj University Lahore and an Associate Professor at the School of Economics and Finance at MUL. He is also the President of Minhaj-ul-Quran International; Chairman of the Minhaj Education Society (running 650 schools and colleges all over Pakistan); Chairman of Aghosh Orphan Care Homes; Chairman of Al-Mawakhat Microfinance; and Chairman of Minhaj Halal Certification. He has also been affiliated with the University of Melbourne Australia as Senior Fellow for many years. Dr. Qadri is an author of thirty books, writer of over 50 research articles and a reputed international speaker.
Nasir Iqbal is a senior Advocate High Court. He is Legal Advisor of Minhaj University, Lahore, Minhaj Halal Certification and Al-Mawakhat Microfinance. He is also managing partner in law firms "ABNAQ & Co. Advocates/Solicitors/I. P Attorneys" and "Nadeem Saeed & Co." dealing in civil law and commercial law. He is also a visiting lecturer for commercial and business law in Minhaj University. He has more than 20 years’ experience in the field of law and is an expert in the area of business and financial contracts/commercial law and intellectual property laws, particularly in trademark and copyright laws.