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This chapter addresses halal-related developments in Malaysia, and in particular highlights the following: halal standards, halal certificates, halal parks, and disparity issues in the management of halal industry. According to an industry specialist, Malaysia is the only country in the Muslim world where the halal industry development agenda is also backed by the government, which translates into the existence of a unique ecosystem that allows a synergy between the private and public sectors. In this ecosystem, the private-sector players focus on production, manufacturing, and services, while the public agencies facilitate and coordinate the industry’s progress by providing certification and training.

The principle of selection (takhayyur) allows the mufti and the generality of Muslims to select among the various positions available in the works of the different schools (madhhabs) of Islamic law in reference to particular issues. Sometimes there may be five or six different positions or interpretations available, and Muslims are allowed to select the most suitable to their situation. Takhayyur also applies within the one and the same school when an individual, be it a scholar-jurist or a commoner, opts for a minority or less preferred position that may be available within his or her own school of following.

This article is presented in two parts, the first of which reviews both the preservation of wealth (hifz al-mal) as one of the five essential maqasid in the category of daruriyyat and its sub-division into the four headings of circulation, clarity, stability/proof, and justice (rawaj, wuduh, thubat, ‘adl). To this we add, based on the evidence we present, development (tanmiyah) as a fifth division. The second part looks into the maqasid of contracts, a subject that has remained somewhat under-developed in the existing fiqh of mu’amalat, which is why we propose that this aspect of the jurisprudence of contracts be further developed through new addition and research. This would be a long-term undertaking mostly beyond the scope of this paper. Nevertheless, an attempt has been made to provide the basic contours for any future research which would be necessary if one were to develop the maqasid al- Shari’ah discourse from a more theoretical proposition, as it is now, into practical tools for testing the conformity or otherwise of particular contracts with their Shari’ah-designated purposes.

An issue is raised at the outset whether shurb is a ḥudūd crime or a taʿzīr offence. Another issue concerns the quantum of punishment and also the constituent elements of this offence, such as the actual extent of intoxication and whether intention is also a requirement. The chapter also discusses the position of other intoxicants, including narcotics and drug abuse.

This chapter discusses the fiqh provisions on how ḥudūd punishments, especially those that consist of flogging, are actually carried out with a degree of procedural accuracy and restraint. It also looks into the amalgamation and overlap of punishments and the effects, if any, of repentance in their enforcement. Also looked at are delay (al-taʾkhīr) and the expiration of time (al-taqādum) in the proof, adjudication, and enforcement of punishments.

Whereas qiṣāṣ is the principal punishment for murder, payment of blood money (diya) is the principal punishment for unintentional killing and culpable homicide. Diya can also be paid in murder cases in which the relatives of the victim waive their right to qiṣāṣ and choose to receive blood money. Issues relating to diya arise in the context of modern conditions, especially pertaining to its related concepts of ʿaqīlah and qasamah, quantity of diya, and how is it applied in modern laws.

This chapter aims to review, from a trans-disciplinary perspective, the scope of acceptable gharar which is still controversial in the academic debate. It also aims to propose a trans-disciplinary theoretical framework of making a contribution to the Islamic legal debate on the scope of acceptable gharar. The chapter draws the wisdom of the prohibition of gharar through the lens of Institutional and Post-Keynesian Economics. It looks at one dimension of the prohibition of gharar which focuses on clarity and lack of ambiguity, just and fair treatment for all and cares for the rights of others. The first dimension of gharar is related to incompleteness of contracting. The second dimension of gharar is related to the fundamental uncertainty associated with investment and financial intermediation. In the Islamic mode of investment, Shari'ah is considered the cornerstone of Islamic financial products and services.

This article begins with the ethical foundations of Islam that are relevant to commercial transactions – much of which strikes a common chord of objectives and values with other major traditions. This is followed by an exposition of the ethical substance of Islam in the applied fiqh provisions pertaining to contracts, and the relevance also of the higher goals and purposes of the shariah (maqasid al-shariah) to the ethical integrity of contracts. This is followed by a discussion of the shariah prohibition and damaging effects of riba. The three remaining sections address the salient characteristics of Islamic commercial law and finance: 1) Islamic finance is characteristically asset-based; 2) it is averse to reliance on debt; and 3) it is also risk-averse. This last segment explains the shariah prohibition of gharar, uncertainty and risk-taking in financial transactions. The author concludes with reflections by prominent commentators on the urgency of taking new measures to contain graft and greed and minimise the yawning gap that has developed between ethics and finance. Many have supported the view that the prevailing financial architecture no longer serves the interests even of only the privileged classes but of all strata of society.

Upon first glance, Islamic tourism seems only to cater for the needs of millions of Muslims around the globe who are performing hajj or umrah, visiting Mecca and Medina, or the shrines of Najaf and Karbala in Iraq. Yet in many ways Islamic tourism is lagging behind more conventional forms of international tourism and has yet to realise its fuller potentials. This article addresses the shariah concepts of halal and haram and their manifestations in the halal industry and tourism in two main areas: market developments of interest to halal tourism internationally and those that have taken place in Malaysia. Other topics discussed are halal certification procedures, the role of fatwas in the determination of halal, and more generally the return of Islamic values to the market place. The final segment of this article addresses the role of custom, culture, and religion as they are manifested in the behaviour of Muslim travellers and tourists.

This chapter reviews scriptural evidence in the Islamic sources against greed, waste, usury, hoarding, and profiteering. It also expounds the Shari’ah rules pertaining to ownership, financial transactions, and business relations that seek to keep trading and finance in touch with the real economy and the people’s needs. Then follows an examination of the recurrent financial crises, the currency turmoil, the US subprime mortgage, the Eurozone debt crisis, and extensive fraudulent irregularities by some of the world’s leading banks. The chapter advances an argument that the in-built restraints in Islamic banking and finance can contribute to financial stability and health of the world economy.

This chapter highlights one of the cardinal maxims of Islamic law, both Sunni and Shi’ah, on the prevention of harm and hardship. The maxim is supplemented, in turn, by a number of other maxims and guidelines, which help to preserve normalcy and equilibrium in society and human relations. The chapter also examines the role that this principle can play in protecting the natural environment by enabling individuals and governments alike to curb abusive practices and take remedial action against the violators who inflict harm and make the earth and its environment hazardous to humans and other inhabitants of planet earth.

This chapter draws attention to pervasive imbalances in consumption and wastage of food, and the resulting obesity and health problems. Then follows a review of the Qur’an and hadith, and a selection of scholarly opinion on personal lifestyle, from eating and drinking, speech and humor, to religiosity and worship, work and leisure, art and music. The question in all of this is how to make wasaṭiyyah a guide to conducting personal, lifestyle, and social relations. Another question posed is whether Islam has visualized, if at all, a model personality that integrates the best attributes of moderation, one that can be emulated by others.

Wasaṭiyyah is often given different meanings, contextualized and equated with concepts such as “appeasement,” “mediocrity,” “compromise,” and “weakness.” It is necessary, therefore, to provide clarification and an accurate review of the meaning and definition of wasaṭiyyah, as well as some of its allied expressions, which is what this chapter has attempted to do. The chapter proceeds to review the Arabic usages of the wasaṭiyyah in the Qur’an, hadith, and linguistic usage of the Arabs while drawing attention also to the renewed importance moderation acquired in the aftermath of the September 2001 attacks, their devastation effects on Islam-West relations, and a fresh cycle of radicalization, extremism, and violence the world has experienced ever since.

If one were to single out an area of derivative trading which can find support in the relevant evidence of Shari'ah, it would unquestionably be the commodity futures. This is because futures and options that derive from commodities, especially agricultural commodities and food grains, can be used for a variety of beneficial purposes. Commodity futures can be used as hedging devices that protect farmers and the food production industry against the price risk over a period of time. Futures and options can also be used in the interest of effective planning by the market players in agricultural and industrial sectors that may wish to have the security of selling in advance instead of facing the uncertainties of marketing at short notice, especially for commodities that can only be stored over a period of months rather than years. The greatest benefit of trading in futures and options is that they facilitate risk management and risk reduction. All of these would fall, from the Shari'ah point of view, within the broad scope of public interest or maslahah, which is a recognized proof and basis of judgment in Shari'ah. However, the validity of maslahah in areas and issues which have given rise to controversy need to be established through valid Shariah evidence. This is the nature of the challenge that we face concerning trading in derivatives. © 1999 John Wiley & Sons, Inc.

Introductory RemarksThe Islamic law of transactions (mu'amalat) has often been singled outas the most important area of contemporary research in Islamic theses, somuch so that, according to some observers, its priority is even higher thanthat of research in applied sciences and medicine. This status is due to thecritical importance of commercial transactions in the wealth generation andproductivity prospects of contemporary Muslim countries. New researchon issues of conventional fiqh al mu'amalat is essential for the viability andsuccess of economic development programs in Muslim countries. In recentdecades, research interest in fiqh al mu'amalat has been shifting increasinglyto specific themes and development of new operative formulas tostimulate profitable business in the marketplace. Evidently, futures tradingis one such theme where original ijtihad is required to enhance theprospects of economic success, especially in farming and agro-based industriesin developing Muslim countries.The futures market is where contracts for future sale and purchase canbe concluded for standardized quantities and qualities of commodities, currencies,bonds, and stocks. Ever since the large-scale inception of futuresmarkets in the early 1970s, new products and trading formulas in varioustrade sectors involving commodities, options, financial futures, and stockindex futures, among others, have increased so much that futures contractscurrently are available in over eighty commodities, ranging from foodgrains, oil and oil seeds, sugar, coffee, livestock, eggs, orange juice, cotton,rubber, precious metals, and currencies. In terms of volume, futures tradinghas far exceeded trading levels in conventional stocks and, currently, is thesingle most voluminous mode of commerce on the global scale ...

Black magic is condemned in Islam but Muslim thinkers are not clear on how to deal with this superstitious holdover from an earlier age. Sorcery or witchcraft (sihr) is often equated with trickery aimed at conflating falsehood with the rational association of causes and effects. Sorcery is difficult to define. Our knowledge of sihr and what is not within reach of our sense perception is also limited. The available information in the scriptural sources of Islam also falls short of elaboration on detail. Sihr may aim at inflicting harm on its object or at realising a benefit, and the sorcerer often resorts to irrational and impermissible means. Muslim scholars have differed on the reality of sihr.