Rationalizing Hybrid Financial Instruments from an Uṣūlī Perspective

in Arab Law Quarterly
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This article attributes the prime reason for the underdevelopment of the Arab and Muslim world to the lack of advancement of their financial intermediation systems. We instigate the employment of hybrid financial instruments to re-invigorate their financial architecture. Not only does this solution satisfy the economic efficiency prerequisites, it is also in congruent with uṣūl al-fiqh (principles of Islamic jurisprudence).

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    See Kamali (2002) for other views on the issue; Mohammad Hashim Kamali Islamic Commercial Law: An Analysis of Futures and Options (Selangor Malaysia: ‛Ilmiah Publ. Sdn Bhd. 2002) 66–83.

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