Islamic Law of Contract: Applications in Islamic Finance is a systematic exposition of Shariah rules in the field of Fiqh al-Mu’amlat (Islamic law of Contracts and Transactions), with their applications in the modern business and commercial transactions. The book deals with the general theory of contracts in Islam, formation of contract, concepts of riba, gharar, maysir and their effect on the contract. It also discusses in lucid manner specific nominate contracts such as contracts of sale, ijarah, partnership, mudarabah, surety-ship, rahn and many other contracts that constitute the corpus of Islamic commercial law. While dealing with these contracts, the focus of the book has been on their modern applications in banking and finance.

The book also deals with current issues of Islamic finance, such as the use of hiyal (stratagems) in Islamic banking, Ideal maqasid in Islamic finance, Takaful, Islamic microfinance, and screening norms of equities. The book is an attempt to introduce Fiqh al-Muamlat as a viable and vibrant commercial law of the 21st century that has the potential to meet the needs of modern economic and commercial life.

About the Author

Prof Dr Muhammad Tahir Mansoori, former Vice President, Higher Studies and Research at International Islamic University, Islamabad is a renowned scholar of Islamic law with specialization in Islamic commercial law and Islamic banking and finance. He did his LLM (Shariah) from the International Islamic University, Islamabad and PhD in Islamic jurisprudence from the University of Punjab. He is the author of over forty articles on Islamic law published in reputed research journals. In addition to his research articles, he has written several books on different topics of Islamic law especially in the field of Islamic finance. His publications include: Islamic Law of Contracts and Business Transactions; Introduction to Islamic Banking (Arabic); Shariah Maxims: Modern Applications in Islamic Finance; Family Law in Islam: Theory and Application; Ahkam-e-Bay among others.

Dr. Mansoori is Resident Shariah Board member of Askari Islamic bank and member of Shariah Advisory Committee of Securities and Exchange Commission of Pakistan. Dr. Mansoori is an awardee of Presidential award “Izaz-e-Fazeelat” for his outstanding performance in the field of education for the year 2004.