Islamic Contract Law

Abstract:     
An investigation of the role of Islamic contract law in allocation of resources on a just base is the task in this paper. To do so, an analysis of the default rules in Islamic contract will be undertaken. Generally, distributional rules of risk fall into two paradigms. This is to say, illegality and uncertainty (information rules). This analysis will be taken within the broad framework of investment and in particular contract of sale as the latter is regarded as archetype of Islamic contract law.

Number of Pages in PDF File: 37

Keywords: Islamic contract, risk allocation, mistake, uncertainty, usury, gambling

working papers series