Brill's Arab and Islamic Laws Series – serie

This study addresses derivatives instruments in Islamic finance. It highlights the benefits of these instruments, their legal aspects and the appropriate alternatives. The forward, futures and options contracts in commodity markets are discussed and the arguments in favour of and against these instruments examined. The forward contracts issue includes the possibility of trading gold in forward basis, the forward market for currencies and the possible alternative to manage related risks. With the examination of futures contracts, the main arguments against such a contract are addressed, for example the sale prior to taking possession and the sale of debt hedging and speculation. The study proposes khiyar al-shart and bay al-arbun as tools of risk management and alternatives to options. The sale of pure rights is at the center of the admissibility of options in Islamic law and is investigated comprehensively.

The Sukūk market is the fastest growing segment of international finance. The study explores the dimension of this market, its growth globally and the main Sukūk markets. The liquidity in this market, the main currency denomination, the subscription diversification, the subprime crisis effects and the dominant structures are elaborated. The difference between sovereign and corporate Sukūk, the benefits and reasons behind Sukūk issuance as well as the Sharī‘ah basis are analysed. Securitisation as the best way forward for Sukūk structuring is scrutinized. The study also discusses the various legal, Sharī‘ah, financial and operational risks facing Sukūk as well as the default controversies. Finally the book examines the methodologies in rating Sukūk and highlights the issues of Sukūk listing, Sukūk index and Sukūk fund.

The debate surrounding women’s family rights under Sharī’a-derived law has long been held captive to the competing fundamentalisms of universalism and cultural relativism. These two conflicting perspectives fail to promote practical tools through which such laws can be reformed, without prejudice to their religious nature. This book examines the development of Egypt’s Sharī’a-derived family law, and its compatibility with international obligations to eliminate discrimination against women. It highlights the interplay between domestic reform processes, grounded in the tools of takhayyur, talfiq and ijtihad, and international institutions and mechanisms. In attempting to reconcile these two seemingly dissonant value systems, this book underscores the shortcomings of Egypt’s legislation, proposes particular reforms, while simultaneously presenting alternatives to insular interpretations of international women’s rights law.

While the system of international law is improving enormously and certain legal provisions are becoming an integral part of jus cogens norms, this body of law must be studied together with other systems which have basically been effective in its development. The principles of the rule of law must be evaluated collectively rather than selectively. In fact, most Islamic nations have ratified the ICC Statute. They have thereby contributed to the establishment of the pillars of morality, equality, peace and justice. At the same time, those pillars may be strengthened by means of an accurate interpretation of the principles of international criminal laws by all parties. The objective of these comparative philosophies is to examine their core principles, similarities and differences. The intention is to indicate that the variation in theories may not obstruct the legal implementation of international criminal law if their dimensions are judged objectively and with the noblest of motives towards mankind.