PLACE OF INVESTMENT AND FINANCING INSTRUMENTS ISLAMICS IN THE FINANCIAL SPHERE

MEHDI SATTAR, MEHDI SATTAR

Abstract


ABSTRACT

The article analyzes some of the most important legal issues relevant to finance contracts used in shari’a compliant transactions in the context of the so-called «Islamic finance». This review of current legal contracts and transactions may however not be undertaken without a short introductory historical examination. The article follows the development of shari’a´s principles and underlying concepts as applied from simple medieval transactions to modern time sophisticated financial dealings, seeking to facilitate their legal understanding. Finally, further analyse the legal and practical difficulties which must be confronted when seeking to use shari’a compliant financial products in the current morrocan economic, tax and legal environment. As a form of conclusion, some modest proposals for legal reforms to facilitate their use in Morocco are examined.


Keywords


Moudaraba, mourabaha, islamic finance, charria, riba

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