By Maha-Hanaan Balala

A few of the rules accepted in glossy Islamic agreement legislation and advertisement perform stay similar to these defined by way of the Qur'an and the Prophet Muhammad, and expounded by way of students of jurisprudence way back to the thirteenth century, regardless of the development in time and class of business interplay. Hanaan Balala right here presents an research of the basic rules underlying Islamic legislation and trade compared to their universal legislation equivalents within the English-speaking international. She seeks to attract parallels (and ameliorations the place applicable) to facilitate the expansion and improvement of Islamic advertisement and monetary legislation world wide.

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Extra resources for Islamic Finance and Law: Theory and Practice in a Globalized World (International Library of Economics)

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48 The key distinction, therefore, between Islamic finance and conventional finance is not whether the finance is asset backed or not but rather that Islamic finance does not yet recognise debt rights (receivables) as proprietary whilst conventional finance does. This distinction is discussed in detail in chapter 6. 6 The four madhahibs (schools) of Islamic jurisprudence In chapters on gharar, riba and bay al dayn, where relevant, I refer to views of the four schools of Sunni Islamic jurisprudence: Hanafi, Shafie, Maliki and Hanbali.

Must be asset backed lest they be considered invalid objects for violating the rule stipulating the nonproprietary nature of debt as well as violating the rule against riba (interest or increased return on debt/loan). Similarly, should the parties take loans to fund the securitisations, any increase charged or paid triggers the rule against riba, and if the securitisation is structured and transacted before the underlying asset comes into being, again, this triggers the issues of gharar and the validity of sale of debt obligations.

E. the sale and securitisation of debts) but as will be discussed in chapter 6 pertaining to ‘the sale of debt’, such companies are not regarded as suitable for Islamic investments. The aim of bond trading is usually to make capital gains from the rise in price of the fixed interest bond when variable market interest rates fall. Bond trading may therefore be considered to be largely about exploiting interest rate developments and trading in paper that is usually unrelated to the real value or existence of any underlying asset.

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