ML 412 – Islamic Commercial Law

This module presents an in-depth study the Islamic commercial law in contemporary contexts. Islamic commercial law, known as fiqh mua’malāt constitutes an important branch of law dealing with issues of business and contracts. In business law, which also covers corporate law, it is the body of law that governs business and commercial transactions. It includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange and partnership. It can also be understood to regulate corporate contract, hiring practices and the manufacture and sales consumer goods. A contract being a legally enforceable agreement between two or more parties with mutual obligations and in Shari’a law, it is a complex legal discipline in both its jurisprudential foundation and its practical function, covering a variety of dealings and transactions to meet the needs of the society.
Module Title: Islamic Commercial Law
Module Type: Designated
Program: MA/PG Dip Islamic Law
Prerequisite(s): none
Credit(s): 15
Module Code: ML 412
Semester: 2
Component(s): Coursework: 100%

 

Syllabus

Syllabus

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

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

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:
http://iugc.yolasite.com/resources/Reference%20Book%2001%20-%20Islamic%20Economics%20and%20Finance,%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.