UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Archive for September 24, 2012

Learn the Arabic Alphabet

Capital Market Masterplan 2 (Malaysia)

Dubai, UAE

The Evolution of the Islamic Capital Market (Malaysia)

Dubai, UAE

The Evolution of the Islamic Capital Market- Towards A Global Hub

The Ideals of Fiqh vs Business Consideration: Shari’ah Tolerance to Fulfill the Current Need


The Vatican Encourages the Use of Islamic Finance


Securities Commission Malaysia

Fiqh Muamalat: Introduction to Contract

The Four Introductory Theories of Fiqh Muamalat



Promises in Islamic Commercial Dealings


‘The Islamic Fiqh Academy Jeddah has made the promises in commercial dealings binding on the promisor with the following conditions:

(a) It should be one-sided promise.

(b) The promise must have caused the promise to incur some liabilities.

(c) If the promise is to purchase something, the actual sale must take place at the appointed time by the exchange of offer and acceptance.  Mere promise itself should not be taken as the concluded sale.

(d) If the promisor backs out of his promise, the court may force him either to purchase the commodity or pay actual damages to the seller.  The actual damages will include the actual monetary loss suffered by him, but will not include the opportunity cost.’

Mufti Taqi Usmani

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