Islamic finance and law : theory and practice in a globalized world / Maha-Hanaan Balala.

Includes bibliographical references (pages [203]-208) and index.

Islamic law and the role of interpretation -- Scope, methodology, and objective -- Islamic finance : an introduction -- Gharar in Islamic law -- Riba : meaning, scope and application -- The nature of debt and the legality of its sale -- Securitisation -- Structuring a securitisation to be compatible with both the Sharia and common law -- Islamic finance in Malaysia : a model to emulate -- The way forward.

Islamic commercial and financial practice has not experienced the trial-and-error style of development that has characterised the development that has characterised the development of common law in the English-speaking world. Many of the principles, rules and practices prevalent in the Islamic law of contract, commerce, finance and property remain the same as those outlined by the Quran and the Prophet Muhammad, and expounded by scholars of jurisprudence as far back as the 13th century, despite the advancement in time and sophisticaiton of commercial interaction. Maha-Hanaan Balala here demonstrates how, in order to bridge the gap between the principles outlined by the Quran and the Prophet in the 7th century and commercial practice in the 21st century, Islamic finance jurisdictions need to open themselves to learning from the experience (including the mistakes) of the English common law.

Islamic Finance and Law: Theory and Practice in a Globalized World provides an analysis of the fundamental principles underlying the Islamic law of contract and commercial practice in comparsion with their equivalents in common law in the English-speaking world. It seeks to draw parallels (and differences where apporpriate) to facilitate the growth and development of Islamic commercial and financial law globally. --Book Jacket.