A Maqasid-ul-Shari’ah Analysis of the Permissible Futures Trading in Islamic Financial Markets
DOI:
https://doi.org/10.13135/2421-2172/6800Keywords:
Future trading, Islamic future trading, Maqasid-ul-Shari'a futuresAbstract
Despite the widespread use of futures contracts as a risk mitigation instrument in the current financial markets, Islamic economies commonly feel uncomfortable with it for fear of its potential clash with the Islamic law of contracts. This research aims to justify only the futures trading that contributes to reducing investors’ financial risks. This paper argues that a risk-hedging futures contract can Islamically be justified if Shari’ah rules are construed in the light of its broader purpose, what is known as Maqasid-ul-Shari’a. A qualitative research methodology with a deductive interpretive approach is used in this study to analytically explore the role of Maqasid-ul-Shari’a in authorising permissible futures trading. The relevant data is collected from primary sources (Quran and Sunnah) and secondary sources (Islamic jurisprudence, textbooks, journal articles and review papers). By deploying the theory of Maqasid-ul-Shari’a, the prevalent Islamic jurisprudential approach is constructively reinterpreted to formulate general principles and guidelines under which futures trading can comfortably be approved. The study's overall findings suggest that on several counts of necessities, risk-hedging futures help Muslims preserve both the individual and the public wealth, safeguard the human self, honour and religion, facilitate their transactions and prevent future business conflicts. The Maqasid-ul-Shariah analysis of futures trading adds to the permissibility view that risk hedging futures trading should be recognised and declared as permissible not simply because they do not conflict with any prohibition or benefit the individual parties involved but also because they serve the broader interests of the public (al-masalih-al-aammah). This study is the first to analytically discuss the permissibility of futures trading under a combined reinterpreted guideline of Islamic jurisprudence and Maqasid-ul-Shariah.
References
Akther, Uddin Md and Abu Umar Faruq Ahmad (2020). “Conventional futures: derivatives in Islamic law of contract”, International Journal of Law and Management, Vol. 62(4), pp. 315-337.
Dau-Schmidt, Nicholas C. (2012). “Forward Contracts-Prohibitions on risk and speculation under Islamic law”, Indiana Journal of Global Legal Studies, 19(2), pp. 533-553.
Kamali, M. H. (1996). “Islamic Commercial Law: An Analysis of Futures”, The American Journal of Islamic Social Sciences, 13(2), 197-212.
Rizvi, S.A.R.; Arshad, S. and Lahsasna, A. (2014). “Derivatives in Islamic finance: the need and mechanisms available”. International Journal of Financial Services Management, 7(3/4), pp.177–195.
Malkawi, B. H. (2014). “Financial derivatives between Western legal tradition and Islamic finance: A comparative approach”, Journal of Banking Regulation 15, 41–55.
Khan, M. Fahim (1995). “Islamic futures and their markets: with special reference to their role in developing rural financial market”, Occasional Papers, paper 33, Islamic Research and Training Institute, Islamic Development Bank, 1st ed.
Bacha, O. I. (2007: 28-32). Financial derivatives: Markets and applications in Malaysia (2nd Ed.). Kuala Lumpur: McGraw-Hill Companies.
Stoll, H. R. and Whaley, R. E. (1985). “The new option markets” in Anne E. Peck (Ed.), Futures markets: their economic role. Washington, D.C.: American Enterprise Institute for Public Policy Research.
Merton, R. C. (1995). “Financial innovation and the management and regulation of financial institutions”, Journal of Banking and Finance 19(3-4), pp. 461-481.
Koski, J. L. and Pontiff, J. (1996). “How are Derivatives Used? Evidence from the Mutual Fund Industry” WFIC 96-27, Available at SSRN: https://ssrn.com/abstract=7610 (Accessed 01/05/2022).
Iqbal, Z. (2007). “Challenges Facing Islamic Financial Industry”, Journal of Islamic Economics, Banking and Finance, 3(1), pp.1-14.
Pervez, A. I. (1990). “Islamic Banking”, Arab Law Quarterly, 5(4), pp. 259-281.
Noor, M. (1988). “Principles of Islamic Contract Law”, Journal of Law & Religion, 6(1), pp. 115-130.
Saleh, N. A. (1986). Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar and Islamic Banking. Cambridge University Press.
Farooq, A. H. (1982). “The Sources of Islamic Law”, American Society of International Law, 65-67.
Hallaq, B. W. (2005-2006). “What is Shari'a?”, Islamic & Middle East Law, pp. 151-180.
Alarefi, S. A. (2009). “Overview of Islamic Law”, International Criminal Law Review, 9(4), pp. 707-731.
Hasan, A. (1976). “The Principles of Qiyas in Islamic Law – An Historical Perspective”, Islamic Studies, 15(3), pp. 201-210.
Ayub, M. (2007). Understanding Islamic Finance. John Wiley and Sons Ltd.
Saleem, M. Y. (2013). Islamic Commercial Law. Singapore: John Wiley and Sons Ltd.
Ar-Rawi, A. J. (1953-1954). “Principles of Islamic Law on Contracts”, 22 Geo. Wash. L. Rev. 32.
Al-Amine, M. A. M. (2005). “Commodity Derivatives: An Islamic Analysis”, in M. Iqbal, & T. Khan (Ed.), Financial Engineering and Islamic Contracts, (pp. 58-98). New York: Palgrave Macmillan.
Ahmad, Y. S. (1982). Ra’y al Tashri al Islam fi Masail al Bursah. (A legislative Decision with Regard to Trading Issues) al Mawsu al elmyyah wal Amaliyya lil Bunk al Islamiyya. Ecsyclopedia of Science and Practice of Islamic Banking. Cairo: al ittihad al-Dawli lil Bunuk al Islamiyya, 5: pp. 384-410.
Mahmassani, S. (1983). al Mawjibat wa al Uqud fi al Figh al Islami. 3rd ed. Beirut: Dar al Elm li al Malayin.
Al Amaren, Emad Mohammad, Ahmed Hamad, and Omar Farouk Al Mashhour. 2020. An Introduction to the Legal Research Method: To Clear the Blurred Image on How Students Understand the Method of the Legal Science Research. International Journal of Multidisciplinary Sciences and Advanced Technology 9: 50–55.
Merriam, S. (2009), Qualitative Research: A Guide to Design and Implementation: Revised and Expanded from Qualitative Research and Case Study Applications in Education, Jossey-Bass, San Franscisco.
Injadat, E.M.M. (2014). “Futures and forwards contracts from perspective of Islamic law”, Journal of Economics and Political Economy, 1(2), pp. 241-252.
Chance, D.M. (2004). An Introduction to Derivative & Risk Management (6th edn.). USA: Southwestern University.
Vashishtha, A. & Kumar, S. (2010). “Development of Financial Derivatives Market in India – Case Study”, International Research Journal of Finance & Economics, 37, 15-29.
Hull J. C. (2005). Options, futures and other derivatives. 6th ed. Prentice Hall College Div.
Teweles R. J. & Jones Frank J. (1987). The Commodity Future Game. 2nd ed. New York: McGraw Hill.
Loader, D. (2005). Clearing and settlement of derivatives. Amsterdam: Elsevier.
Eremic, M. (2004). “The system of margins and the clearing house in the system of commodity futures markets”, Economic Annals. 44(161), pp.63-100. Available online at https://doi.org/10.2298/EKA0461063E (accessed 19/05/2022).
Abbaspour, R. (2011). “Futures contracts in trading from the perspectives of juridical issues”, 2nd International Conference on Economics, Business and Management, IPEDR vol.22, IACSIT Press, Singapore.
Kamali, M. H. (2007). “Commodity futures: An Islamic legal analysis”, Thunderbird International Business Review, 49(3), 309-339.
Gengarathan, R. (2001). Derivatives Law and Regulation - International Banking, Finance and Economic Law. Kluwer Law International.
Brealey A. R.; Stewart C. M. & Franklin A. (2006). Principles of Corporate Finance. McGraw-Hill/Irwin.
Al-Suwailem, S. I. (2007). Hedging in Islamic Finance. Jeddah: Islamic Development Bank- Islamic Institute for Research and Training.
Tickell, A. (1999). “Unstable futures: controlling and creating risks in international money”, Socialist Register, 248-277.
Gupta, S. L. (2006). Financial Derivatives: Theory, Concepts and Problems. New Delhi: Prentice-Hall of India Private Limited.
Birch, T. (2009). “The role of derivatives in creating the financial crisis”, in Symposium of the al Baraka Group, Jedda.
Chance, D. M. (2004) An Introduction to Derivative & Risk Management (6th edn.). USA: Southwestern University.
von Neumann, J. and Morgenstern, O. (1944). Theory of Games and Economic Behavior: Overview. Princeton University Press.
Holt A. C. and Roth, A. E (2004). “The Nash Equilibrium: A Perspective”, PNAS March 23, 101(12). Available online at: www.pnas.org/cgi/doi/10.1073/pnas.0308738101 3999–4002 - Accessed on 14/06/2021.
Wilson, R. (1991). “Islamic Financial Instruments’, Arab Law Quarterly, 6, 209.
Reyner, S. F. (1991). The Theory of Contracts in Islamic Law. London: Graham and Trotman.
Abu Al-Nasr, I. (2006). The Securities Markets (Burse) in the Balance of Islamic Jurisprudence. Cairo: Dar al-Nasher lil-Jamea'at.
Al-Sa'ati, A. A. (2003). “Proposed Futures Consistent with the Shari'ah”, Journal of King Abdul-Aziz University, Islamic economic, (15).
Radhwan, S. A. (2005). Financial Derivatives and its Role in Risk Management and the Role of Financial Engineering in Manufacturing it Instruments. Cairo: Dar al-Nscher lil-Jamatt.
Dawabah, A.M. (2007). Studies in Islamic Finance. Cairo: Darussalam.
Obaidullah, M. (2002). “Islamic Risk Management: Towards Greater Ethics and Efficiency”, International Journal of Islamic Financial Services, 3 (4).
Kamali, M. H. (2002). Islamic Commercial Law: An Analysis of Futures and Options. Cambridge: The Islamic Texts Society.
Al-Sa'ati, A. A. (2012). “al-Illah al-Eqtisadyah li-Tahrim Riba al-Nasiah and al-Fadhl”, Journal of King Abdul-Aziz University: Islamic Economic, 25(2), 33.
Al-Suwailem, S. (2012). “Towards an objective measure of gharar in exchange”, Journal of Islamic Business and Management, 2(1).
Al-Dareer, S. (1997). Al Gharar in Contracts and Its Effect on Contemporary Transactions. Islamic Research and Training Institute, Islamic Development Bank, Jeddah.
Al-Zuhayly, W. & Eissa, M. S. (2003). Financial transactions in Islamic jurisprudence. Dar Al-Fikr.
Usmani, M. T., (2002). An introduction to Islamic finance (Vol. 20). Brill.
Al-Shatnawi, Z. I. S. (2009). The Economic Effects Of the Securities Markets from the Perspective of Islamic Economics. Irbid: Dar al-Nafa'es.
El-Gamal, M. A. (2008). “Incoherence of Contract-Based Islamic Financial Jurisprudence in the Age of Financial Engineering”, Wisconsin International Law Journal, 25 (4), pp. 605-623.
Abdelwahab, O. (2007). Developmental Perspectives on Financial Innovation in Forward and Futures Derivatives: A Critical Discussion with Special consideration of Islamic Banks and Financial Institutions. (Doctoral Thesis). Berlin: Berlin University of Technology.
Hasanuzzaman, S. M. & Nabil A. Saleh (1991). “Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar and Islamic Banking”, Journal of King Abdulaziz University: Islamic Economics.
Dawabah, A. M. (2006). Toward Islamic Finance Market. Egypt: Darussalam.
Kamel, O. A. (2006). Major Jurisprudential Rules and their Effect in the Financial Transactions. Maktabt al-Turath al-Islami.
Hattab, K. T. (2005). “Toward Islamic Market”, Third World Conference on Islamic Economics. (Working paper). Makkah: Umm al-Qura University.
Al-Zuhaily, W. (2006). Contemporary Financial Transactions (3rd edn.). Damascus: Dar al-Fikr.
Ibn Taymiyah, T. A. (1385H). al-Qyas. Cairo: al-Matbah al-Salafyah.
Obaidullah, M. (1998). “Financial engineering with Islamic options”, Islamic Economic Studies, 6(1), pp. 73-103.
Vogel, F. E. & Hayes, S. L. (1998). Islamic Law and Finance: Religion, Risk, and Return. Kluwer Law International.
Al Tamimi, H. H. (2004). “The Three Principles of Islamic Finance Explained”, International Finance Law Review, 23(46).
DeLorenzo, Y. T. (n.d.) “Covered options, scholars' answers”, Retrieved from http://muslim-investor.com/answers/covered-options.html (accessed June 23, 2021).
Jobst, A. & Sole. J. (2012). “Operative Principles of Islamic Derivatives - Towards a Coherent Theory”, Paper presented at the meeting of International Monetary Fund.
Al-Sulayman, M. S. M. (2005). Provisions of Dealing in Contemporary Financial Markets. Riyadh: Dar al-Konoz Ishbiliah.
Salehabadi, A. & Aram, M. (2002). “Islamic Justification of Derivative Instruments”, International Journal of Islamic Financial Services,4(3).
Obaidullah, M. (2001). “Financial contracting in currency markets: an Islamic evaluation”, International Journal of Islamic Financial Services, 3(3).
Khan, T. & A. Habib. (2003). Risks Management: Analysis of Issues in Islamic Finance Industry. Jeddah: Islamic Development Bank: Islamic Institute for Research and Training.
Al-Masri, R. Y. (2007). Jurisprudence of Financial Transactions. (2th edn). Damascus: Dar al-Qalam.
Ibn- al-Qayyim, M. (1973). A'alam al-Moaqaien an Rab al-A'Alamin. Dar al-Jil, Beirut.
Ibn Qudamah, M. D. (1981). Al Mughni. Riyad: Makbah al Riyad al Hadithah.
Ibn al-Munthir, M .I. (1405H). al-Ijmma'. Beirut: Dar al-Kutub al-Ilmyah.
Al-Qurtubi, Muhammad ibn Ahmad ibn Rushd (1981). ‘Bidayah al Mujtahid wa Nihayah al Muqtasid, 5th ed. (cairo: Mustafa al Babi), 2: 144.
Farooq A. Hassan, (1982). “The Sources of Islamic Law”, 76(65) American Society of International Law. Proc.
Khan, M. A. (1988). “Commodity Exchanger and Stock Exchange in an Islamic Economy”, The American journal of Islamic Social Sciences, 5(1), 91.
al Jaziri, Abd Al Rahman (1991). ‘al Figh ala al Madhahib al Arba’a (Istanbul: Kahikat Ketabevi, 3:191.
Elgari, M. A. (2006). “Shariah injunctions on futures contracts”, Islamic Finance News.
Al-Zarqa, M. (1985). al-Fatawa al-Shari'ah fi al-Massa'el al-Eqtisadiah. Kuwait: Kuwait Finance House.
Usmani, M. T. (1996). “Futures, options, swaps and equity instruments”, New Horizon, June: 10-11.
Naughton, S. and T. Naughton, (2000). “Religion, ethics and stock trading: the case of an Islamic equities market”, Journal of Business Ethics 23(82).
Chapra, U. (1985). “The role of the stock exchange in an Islamic economy: comments”, Journal of Research in Islamic Economics, 3(1).
Jobst, A. A. (2013). “Derivatives in Islamic Finance: There is No Right Way to Do the Wrong Thing—Opportunities for Investors”, The Journal of Investing, 22(1), pp. 7-21.
Al-Amine, M. A. M. (2005). “Commodity Derivatives: An Islamic Analysis”, in M. Iqbal, & T. Khan (Ed.), Financial Engineering and Islamic Contracts, (pp. 58-98). New York: Palgrave Macmillan.
Hamoud, S. (1976). The Development of Banking Business Consistent with Islamic Shari'ah. Amman: Maktabat al-Aqsa.
Kunhibava, S. (2006) ‘The possible use of the jualah contract as a derivative, and standardization of English spelling for product development in Islamic banking and finance’, 4th International Islamic Banking and Finance Conference, Monash University Malaysia, JW Marriott, Kuala Lumpur.
Jobst, A. A. (2009). “Islamic derivatives”, International Journal of Monetary Economics and Finance, 2(3/4), 254.
al Qadir, Ali Abd (1982). ‘al Mawsu al elmyyah wal Amaliyya lil Bunk al Islamiyya’ (Ecsyclopedia of Science and Practice of Islamic Banking, (Cairo: al ittihad al-Dawli lil Bunuk al Islamiyya), 5:438.
Azzam, Majd al Din (1985). Bayt al Tamwil al Kuwaiti, ‘al Fatawa al Shariy’ah fi Masail al Iqtisadiyah’, 2nd ed. Kuwait, 113-130.
al Khatib, Abd al Karim (1976). ‘al Siyasah al Maliyah fi Islam wa Sillatuha bi al Muamalat al Muasirah, 2d ed. Cairo: Dar al Fikr al Arabi, 170.
al Shafi’i, Muhammad ibn Idris (1940). ‘Al Risalah’, ed. Ahmad Muhammad Shakir, Cairo: Mustafa al Babi al Halabi, 337.
Al-Khattabi M. M. (1949). Ma'lem al-Sunan. (al-Fiqi M. H. edn). Cairo: Maktabat al-Sunnah al-Mohammadiah.
Al-Baghawi, H. (1974). Sharh al-Sunnah. Damascus: al-Maktab al-Islami.
al Sarakhsi, Shamsal Din (n.d.). ‘al Mabsut’. Beirut: Daral Ma’rifah.
Hattab, K. (2007). Futures Commodity from the Perspective of Islamic Law. Makkah: International Conference of the Financial Markets and Stock Exchanges, Umm Al-Qura University.
Mansuri, M.T. (2006). Islamic Law of Contracts and Business Transactions. ADAM Publishers and Distributors, Islamabad.
Mansuri, M. T. (2005). Islamic Law of Contracts and Business Transactions. Shari’ah Academy, Islamabad: International Islamic University.
Muhammad, Y. S. (2000). Jami Al-Fiqh. Mansura: Dar Al-Wafa.
Al-Dardir, A.M.A. (n.d). al-Sharh al-Saghier ala Aqrab al-Massalik le-Mathhab al-Imam Malik. Matbat Issa al-Babi al-Halabi wa Shurakah.
Ibn Taymiyah, Taqi al Din (1317 A.H.). Nazariyat al Aqd. Bierut: Dar al Ma’rifah, 235.
Hammad, N. K. (1994). Bay' al-Kali bil Kali fi al-Fiqh al-Islami. Jeddah: Center of Islamic economic researches.
Haneeni, M. W. (2010). Transforming the Financial Stock Exchange to Work According to the Provisions of Islamic Shari'a. Amman: Dar Al-Nfa'is.
Al-Zuhaily, W. (2002). Islamic Jurisprudence and its Evidence. (4th edn) Damascus: Dar al-Feker al-Mua'sir.
Fayyad, A. (1998). Stock Market in the Balance of Islamic Jurisprudence. Egypt: Dar al-Nasher lil-Jamea'at.
Obaidullah, M. (2002). “Islamic Risk Management: Towards Greater Ethics and Efficiency”, International Journal of Islamic Financial Services, 3 (4).
El-Gari, M. A. (1993). “Towards an Islamic Stock Market”, Islamic Economic Studies, 1(1), pp. 1-20.
Obiyathullah, I.B. (1999). “Derivatives Instruments and Islamic Finance: some thoughts for a reconsideration”, International Journal of Islamic Financial Services, 1(1), pp. 1-33.
Setiawan, Romi Adetio. 2022. Issues in Islamic Derivatives and Proposals for Reforms in the OTC Market in Indonesia. Journal of Risk and Financial Management 15: 222.
Sakti, M.R.P., Syahid, A., Tareq, M.A. and Mohd Mahdzir, A. (2016), "Shari’ah issues, challenges, and prospects for Islamic derivatives: a qualitative study", Qualitative Research in Financial Markets, Vol. 8 No. 2, pp. 168-190. https://doi.org/10.1108/QRFM-06-2015-0024.
Bedoui, H. & Mansour, W. (2015). “Performance and Maqasid al-Shari’ah’s Pentagon-Shaped Ethical Measurement”, Sci Eng Ethics 21, pp. 555–576.
Asutay, M. (2007). “A political economy approach to Islamic economics: systemic understanding for an alternative economic system”, Kyoto Bulletin of Islamic Area Studies, 1(2), pp. 3-18.
Ibn Ashur, Mohammad al-Tahir (2006). Treatise on Maqasid Al-Shariah, Mohamed El-Tahir El-Mesawi (trans), vol. 1, p 183, London-Washington: International Institute of Islamic Thought (IIIT).
Stenger, V. (2007). God: The Failed Hypothesis: How Science Shows that God Does Not Exist. Prometheus Books;
Oppy, G. (2006). Arguing About Gods. N.Y. Cambridge University Press.
Boyer, P. (2001). Religion Explained: The Evolutionary Origins of Religious Thought. New York. Basic Books.
Dawkins, R. (1976). The Selfish Gene. Oxford. Oxford University Press.
Asyraf, W. D. & Bouheraoua, S. (2011). The framework of maqasid al-shariah (objectives of the shari'ah) and its implications for Islamic finance. Kuala Lumpur: International Shari'ah Research Academy for Islamic Finance (ISRA).
Auda, J. (2008). Maqasid al-shariah as philosophy of Islamic law: A systems approach. London: The International Institute of Islamic Thought.
Tariq, M. M. (2011). “Jamal Ad-Din Afghani: A Pioneer of Islamic Modernism”, The Dialogue, vi (4).
al-Juwaini, Abdul-Malik (1185 A.H.). Ghiath Al-Umam Fi Iltiyath Al-Zulam, (ed.) Abdul-Azim al-Deeb. Qatar: Wazarat al-Shu’un al-Diniyah, p. 253.
al-Ghazali, Abu Hamid (1111 A.H.). Al-Mustasfa (vol. 1).
al-Razi, Fakhruddin (1209 A.H.) in Abu Bakr al-Maliki Ibn al-Arabi, Al-Mahsoul Fi Usul Al-Fiqh, ed. Hussain Ali Alyadri and Saeed Foda, 1 (ed.) Amman: Dar al-Bayariq, (1999) vol. 5.
Al-Amidi (1234 A.H.). Al-Ihkam. (vol. 4).
al-Tufi, Najmuddin (1419 H). Al-Ta’aiin Fi Sharh Al-Arba’ain. Beirut: al-Rayyan, 239.
al-Qarafi, Shihabuddin (1994). Al-Dhakheerah. Beirut: Dar al-Arab, (vol. 5).
Chapra, M. U. (2000). The Future of Economics: An Islamic Perspectives. Leicester: The Islamic Foundation.
Atiyah, J. (2008). Nahwa Taf’il Maqasid Al-Shariah. International Institute of Islamic Thought (Herdon, VA).
Izzi Dien, Mawil (2004). Islamic Law: From Historical Foundations to Contemporary Practice. Edinburgh: Edinburgh University Press ltd, 131-132.
Rida, M. R. (n.d.). Al-Wahi Al-Mohammadi: Thubut Al-Nubuwwah Bil-Qur’an. Cairo: Mu’asasat Izziddin, p.100.
al-Alwani, Taha Jabir 92001). Maqasid Al-Shariah, (1 ed.). Beirut: IIIT and Dar al-Hadi.
Numan, Jughaim (2002). ‘Turuq Al-Kashf an Maqasid Al-Shariah’ (International Islamic University, Malaysia. Published by Dar al-Nafaes, pp. 26-35.
al-Shatibi, Ibrahim ibn Musa Abu Ishaq (n.d.). The Reconciliation of the Fundamentals of Islamic Law (Vol 2).
Alkhamees, A. (2017). A critique of creative shariah compliance in the Islamic finance industry. Leiden; Boston: Brill Nijhoff.
Koehler, B. (2015). Early Islam and the birth of capitalism. London: Lexington Book.
Akram, L. M. & Furqani, H. (2013). “Developing Islamic finance in the framework of maqasid al-Shari'ah: Understanding the ends (maqasid) and the means (wasa'il)”, International Journal of Islamic and Middle Eastern Finance and Management, 6(4).
Cheung, C.S. & Miu, P. (2010). “Diversification benefits of commodity futures”, Journal of International Financial Markets, Institutions & Money, 20(5), pp. 451-474.
Chadwick, A. E. (2018). “Gambling on Hunger? The Right to Adequate Food and Commodity Derivatives Trading”, Human Rights Law Review, 18(2).
Ali, M. and Zada, N. (2019). Trading frameworks in Islamic finance: Legitimizing profit making. Cham: Palgrave Macmillan.
Sencal, H. 7Asutay, M. (2019). “The emergence of new Islamic economic and business moralities”, Thunderbird International Business Review, 61(5), pp. 765-775.
Kamali, M. H. (2008). Maqasid Al-Shari'ah Made Simple. London: The International Institute of Islamic Thought.
Kamali, M. (2003). The Principles of Islamic Jurisprudence. Cambridge: The Islamic Texts Society.
Downloads
Published
How to Cite
Issue
Section
License
EJIF content is licensed under a Creative Commons Attribution 4.0 International License.
Authors keep the copyrights for their work and give the journal the work's first publication copyright, which is at the same time licensed under a Creative Commons License – Attribution, which in turn allows other parties to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
EJIF has been approved for inclusion in 
EJIF has been approved for inclusion in 
EJIF is member of 
EJIF is indexed by 
EJIF is listed in the ANVUR (Italian National Agency for the Evaluation of Universities and Research Institutes) as a scientific journal in both 
