Islamic Commercial Law -- Copyright -- Contents -- Preface -- List of Abbreviations -- Acknowledgments -- Introduction: An Overview of Prohibited Elements -- Usury (Riba) -- Ambiguities in a Contract (Gharar) -- Gambling (Maysir) -- Prohibited (Haram) Properties -- 1: The Contract of Sale (Bay') -- Introduction -- The Pillars of a Sale Contract -- Expression in a Sale Contract -- The Parties to a Sale Contract -- The Subject Matter and the Price in a Sale Contract -- Prohibited Sales and Practices -- Price Determination (al-Tas'eer) -- Two Sales in One Sale -- Stopping a Seller (Talqi al-Rukban) -- Contentious Sales -- Earnest Money (Bay' al-'Urbun) -- Is 'Urbun the Sale of Right or a Penalty? -- The Sale of Debt (Bay' al-Dayn) -- Repurchase Sale (Bay' al-'Einah) -- Tripartite Sale (Bay' al-Tawarruq) -- Chapter Questions -- True/False -- Short Answer -- Notes -- 2: Types and Classifications of Sales -- Introduction -- Trust Sales (Buyu' al-amanah) -- Cost-plus-Profit Sale (Murabahah) -- Sale With No Profit (Tawliyah) -- Sale With Loss (Wadi'ah) -- Deferred Payment Sale (Bay' Bi-thaman Aajil) -- Islamic Banks and a Sale Contract -- Future Commodity Sale (Bay' al-Salam) -- Manufacturing Sale (Bay'al-Istisna') -- Options of Istisna' -- Islamic Banks and Istisna' Contracts -- Currency Exchange (Bay' al-Sarf) -- Chapter Questions -- True/False -- Short Answer -- Notes -- 3: The Contracts of Employment and Lease (Ijarah), Borrowing (I'arah), and Reward (Ja'alah) -- Introduction -- The Pillars of the Ijarah Contract -- The Types of Ijarah Contract -- Islamic Banks and Leases -- Termination of Ijarah -- The Contract of Borrowing Things (al-I'arah) -- The Contract of Reward for Service (al-Ja'alah) -- Chapter Questions -- True/False -- Short Answer -- Notes -- 4: The Contract of Agency (Wakalah) -- Introduction.

The Pillars of an Agency (Wakalah) Contract -- The Types of Agency -- Particular Agency (al-Wakalah al-Khaassah) -- General Agency (al-Wakalah al-'Aammah) -- Restricted Agency (al-Wakalah al-Mu'allaqa) -- Unrestricted Agency (al-Wakalah al-Mutlaqah) -- Agency in Sale -- Agency in Purchase -- The Effects and the Rights and Liabilities of the Contracting Parties -- An Agent Appointing Another Agent -- Unauthorised Agency (al-Fadhalah) -- Termination of an Agency -- The Differences Between the Contracts of Wakalah and Employment (Ijarah) -- The Differences Between the Contracts of Wakalah and Reward (Ja'alah) -- Chapter Questions -- True/False -- Short Answer -- Notes -- 5: The Contract of Loan (al-Qard) -- Introduction -- Loan (Qard), Debt (Dayn), and Borrowing Things (I'arah) -- A Loan That Provides Conditional Benefit to the Lender -- Waiting or Giving Time to a Borrower Is a Commendable Act -- Chapter Questions -- True/False -- Short Answer -- Notes -- 6: The Contract of Safekeeping (al-Wadi'ah) -- Introduction -- The Pillars of Wadi'ah Contracts -- Relationship Between the Parties -- When Is the Depository Held Liable? -- Using Deposited Money for Investment -- Wadi'ah and Islamic Banks -- Termination of Wadi'ah -- The Differences Between the Contracts of Wadi'ah and Qard -- Chapter Questions -- True/False -- Short Answer -- Notes -- 7: Partnership (al-Sharikat) -- Introduction -- Division of al-Sharikat -- Shared Ownership or Co-Ownership (Sharikat al-Amlak) -- Contractual Partnership (Sharikat al-'Uqud) -- Capital Partnerships (Sharikat al-Amwal) -- Equal Contribution Partnership (Sharikat al-Mufawada) -- Unequal Contribution Partnership (Sharikat al-'Inan) -- Management of Partnership (Sharikat al-'Inan) -- Partnership of Services (Sharikat al-a'mal) -- Partnership of Reputation or Creditworthiness (Sharikat al-Wujuh).

Partnership (Sharikat al-'Inan/Musharakah) and Islamic Banks -- Decreasing Partnership (Musharakah Mutanaqisah) -- Decreasing Partnership (Musharakah Mutanaqisah) for Home Financing -- Dissolution of Partnership -- Chapter Questions -- True/False -- Short Answer -- Notes -- 8: Silent Partnership (Mudarabah/Qirad) -- Introduction -- Pillars of Mudarabah Contract -- The Status of Sahib al-mal and Mudarib -- Distribution of Profit and Treatment of Losses -- Types of Mudarabah -- Personal Expenses of the Mudarib -- What the Mudarib Cannot Do -- Void Mudarabah -- Termination of Mudarabah -- The Differences Between Musharakah and Mudarabah -- Chapter Questions -- True/False -- Short Answer -- Notes -- 9: Pledge, Mortgage, or Pawn (al-Rahn) -- Introduction -- The Pillars of Pledge (Rahn) -- The Use of the Pledge by the Pledgee -- Forfeiture of the Pledged Property -- Chapter Questions -- True/False -- Short Answer -- Notes -- 10: Guarantee (al-Kafalah) -- Introduction -- Pillars of Kafalah -- The Effects of Kafalah -- Immediate, Conditional, and Suspended Kafalah -- Types of Kafalah -- Charging a Fee for the Service of Guarantee -- Letter of Guarantee -- Termination of Kafalah -- Chapter Questions -- True/False -- Short Answer -- Notes -- 11: Transfer of Debt (al-Hawalah) -- Introduction -- Pillars of Hawalah -- Types of Hawalah -- Transfer of Right (Hawalat al-Haqq) -- Bill of Exchange (Suftaja) -- Termination of Hawalah -- The Differences Between Hawalah and Kafalah -- The Difference Between Hawalah and the Sale of Debt (Bay' al-Dayn) -- Chapter Questions -- True/False -- Short Answer -- Notes -- 12: The Contracts of Absolution (al-Ibra) and Set-Off (al-Muqassah) -- Introduction -- The Subject-Matter of Ibra -- The Pillars of Ibra -- Types of Ibra -- The Effect of an Ibra -- The Differences Between Absolution (Ibra) and Gift (Hibah).

The Contract of Set-Off (al-Muqassah) -- Classification of Muqassah -- Automatic Set-Off (Muqassah al-Jabriyyah) -- Voluntary Set-Off (Muqassah al-Ikhtiariyyah) -- Chapter Questions -- True/False -- Short Answer -- Notes -- Answers to True/False Questions -- Chapter 1: The Contract of Sale (Bay') -- Chapter 2: Types and Classifications of Sales -- Chapter 3: The Contracts of Employment and Lease (Ijarah), Borrowing (I'arah), and Reward (Ja'alah) -- Chapter 4: The Contract of Agency (Wakalah) -- Chapter 5: The Contract of Loan (al-Qard) -- Chapter 6: The Contract of Safekeeping (al-Wadi'ah) -- Chapter 7: Partnership (al-Sharikat) -- Chapter 8: Silent Partnership (Mudarabah/Qirad) -- Chapter 9: Pledge, Mortgage, or Pawn (al-Rahn) -- Chapter 10: Guarantee (al-Kafalah) -- Chapter 11: Transfer of Debt (al-Hawalah) -- Chapter 12: The Contracts of Absolution (al-Ibra) and Set-Off (al-Muqassah) -- Bibliography -- About the Author -- Index.