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, compete with conventional transactions by relying on formalism, when it would be better to rely on real Islamic fundamentals. In today’s financial market, not even Islamic finance specialists can deny that the results of both Islamic and conventional transactions are similar and intermingle in one pool

In: Arab Law Quarterly
An Analysis of Derivatives Instruments in Commodity Markets
This study addresses derivatives instruments in Islamic finance. It highlights the benefits of these instruments, their legal aspects and the appropriate alternatives. The forward, futures and options contracts in commodity markets are discussed and the arguments in favour of and against these instruments examined.

The forward contracts issue includes the possibility of trading gold in forward basis, the forward market for currencies and the possible alternative to manage related risks. With the examination of futures contracts, the main arguments against such a contract are addressed, for example the sale prior to taking possession and the sale of debt hedging and speculation. The study proposes khiyar al-shart and bay al-arbun as tools of risk management and alternatives to options. The sale of pure rights is at the center of the admissibility of options in Islamic law and is investigated comprehensively.
Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long as a person advancing money expects to share in the profits earned (or losses incurred) by the other party, a stipulated proportion of profit is legitimate. The philosophy is enshrined in the traditional Islamic concepts of musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna'. This invaluable guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. Justice Usmani of Pakistan, who chairs several Shari'ah supervisory boards for Islamic banks, clearly explains the various modes of financing used by Islamic banks and non-banking financial institutions, emphasizing the necessary requirements for their acceptability from the Shari'ah standpoint and the correct method for their application. He deals masterfully with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance.
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1. Introduction Islamic finance, growing from a niche market, is gradually positioning itself in modern finance as a mainstream choice, offering its customers a myriad of alternative instruments and presenting an ethical financial system that promotes equitable distribution of wealth whilst

In: Arab Law Quarterly

also provide reasonable returns to their depositors and shareholders. Emphasis on Sharīʻah compliance paves the way for Sharīʻah scholars to play an integral role in the Islamic finance industry. In order to ensure that ifi operations are conducted in accordance with Islamic principles, Sharīʻah

In: Arab Law Quarterly

1. Introduction: The Global Diffusion of Islamic Financial Services Islamic finance is one of the fastest growing sectors of the global financial system. Particularly in light of the ongoing global financial crisis, there is renewed interest in alternative forms and styles of investment

In: Arab Law Quarterly
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in Southeast Asian countries has expanded into a global industry. Therefore, as the Islamic financial market expands, the number of transactions increases, more parties become involved and disputes become inevitable. One of the issues for Islamic finance originates from its complicated legal

In: Arab Law Quarterly
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(2009) 1-29 www.brill.nl/alq Arab Law Quarterly Islamic Finance and Dispute Resolution: Part 1 Aisha Nadar * Ph.D. Student, School of Law, Queen Mary, University of London, London, UK Abstract Th e Islamic Financial Industry is an industry that organises fi nancial services in accordance with Islamic Law

In: Arab Law Quarterly
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© Koninklijke Brill NV, Leiden, 2009 DOI: 10.1163/157302509X415701 Arab Law Quarterly 23 (2009) 181-193 brill.nl/alq Arab Law Quarterly Islamic Finance and Dispute Resolution: Part 2 Aisha Nadar * Ph.D. Student, School of Law, Queen Mary, University of London, London, UK Abstract Th e Islamic

In: Arab Law Quarterly

1 Introduction If the Islamic finance industry is to grow and develop, the market must diversify. Diversification and an increase in the volume of transactions can be achieved through increased foreign participation in Islamic finance markets. This will require an active and well

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In: Arab Law Quarterly