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.
