Contemporary Islamic Finance today has expounded much on the different financial transactions to be shari'ah-compliant based on the maqasid (goals and objectives) of the Shari'ah Law. Although much has been written and practiced on the more common contracts of mudarabah, musyarakah, ijarah, wakalah, istisna, salam, qard, tawarruq, and the concepts of waqf, takaful, etc,not much literature can be found on other less popular concepts and contracts such as ju'alah, musaqah, and so on. To expand Islamic legal theory and practice in fiqh al-mu'amalat (the jurisprudence of financial transactions), this study aims to address the legal basis of, specifically the Ju'alah contract, its pillars and conditions, invalidity and issues according to Hanafi and Malki Fiqah, as well as how the application of such contracts are already being applied in the Islamic financial transactions as modern Islamic financial products and as business practices. [ABSTRACT FROM AUTHOR]