ML 412 – Islamic Commercial Law



This first part of the module seeks to introduce students to the Shari’ah h law understanding of Contracts within fiqh mua’malāt. The module will examine the following core issues:
 The requirements of a contract
 The classification of a contract such as (Oqoud Tamlyk, Moshārekat, Niyābat, Tabaei, Tabraei)
 The mechanism of contract formation and disqualification
 Conditions of the parties
 Proxies and Guardians
 Risk taking and Gharār/Qarār
 Dayn and Remittance

With the aim of providing an overview of the topic as well as focusing on specific issues, each session above will address the relevant Islamic legal framework and particular contemporary issues of special importance but will only touch on comparative aspect leaving the bulk of this work to the module of Comparative Law and legal systems.
The second part of the module aims at providing a specialised knowledge in one of the areas of the Islamic commercial law. Students will join a discussion group on an agreed theme that meet on at least four occasions and which will address a specialised area listed below. The second part of the module will enable students to engage in research and complete a project in one of the following areas:
 Islamic banking
 Insurance and assurance
 Rent and Mortgages
 Zakāt and other forms of taxation in Islam

Learning, Teaching and Assessment Strategy

The module will be assessed by one 4,000 words assignment to be based on a research topic selected in negotiation with the specialist tutor and the module leader. The coursework will demonstrate significant research and should aim to critically evaluate literature and writing skills appropriate for the programme.

Assessment Weighting
Individual coursework: 100 out of 100

Learning materials

Core readings
Choudhury, M.A. (2000) Comparative Economic Theory, Islamic and Occidental Perspectives, US: Kluwer Academic.
Ghazali, A. & Omar, S. eds. (1989) Readings in the concept and methodology of Islamic economics. Petaling Jaya, Selangor Darul Ehsan, Malaysia: Pelanduk Publications.
Kamali, M.H. (2001) Islamic Commercial Law: An Analysis of Futures and Option. UK: Ca
Khan Khan. M.A (1990) Islamic Economics and Finance: A Glossary. UK: Routledge. Available on:,%20A%20Glossary%20-%20M.%20A.%20Khan.pdf
Milani, S.F, (2011) Thirty Principles of Islamic Jurisprudence. UK: Islam in English Press
Sadr M.B (1983) Iqtisaduna. UK: WOFIS
Shaikh, A.M. (1992) Towards interest-free banking. India: International Islamic Publishers.
Siddiqi, M. N. (1996) Role of the State in the Economy: An Islamic Perspective. U.K: The Islamic Foundation.
Tusi, M. B. H Trans. Ezzati A (2008) Al-Nehayah. U.K: ICAS Press.
Zaman, Mukhtar, ed. (1993) Banking and finance, Islamic concept. Karachi: International Association of Islamic Banks.