Department: MSc Finance
Module Description: The aim of this course is to provide students with adequate knowledge in Islamic law of transactions. The course deals with the concept and importance of Islamic transactions or contracts; formation of contract under Islamic Law, pillars of a contract and their conditions, factors which vitiate consent (such as duress, mistake, fraud and misrepresentation), rights of options (khiyar) and termination of contract. The course also covers prohibitions is Islamic transactions such as riba (usury) gharar (uncertainty) and maysir (gambling). Further, several main Islamic transactions and some current issues in Islamic law of transactions are also discussed.
Bakar, MD & Ali, ERAE (eds.) (2008). Essential readings in Islamic finance. Kuala Lumpur: Centre For Research and Training.
Billah, MM. (2003). Modern financial transactions: under Shari'ar. Kuala Lumpur: Ilmiah Publisher.
Mansuri, M T, (2001). Islamic law of contracts and business organisation. Islamabad: Shari'ah Academy International Islamic University. Request PDF
Nawawi, R. (2009). Islamic law on commercial transactions. Kuala Lumpur: CERT.
Saleh, Nabil A., (1992). Unlawful gain and legitimate profit in Islamic law. London: Graham & Trotman.
The Mejelle: being an English translation of Majallah el-Ahkam-I-Adliye and a complete code of Islamic civil law. Translated by C.R. Tyser, D.G. Demetriades, Ismail Haqqi Effendi. Kuala Lumpur: The Other Press. (Reprinted 2003)
Usmani, M. (2008). An introduction to Islamic finance. Karachi: Quranic Studies Publishers.