The Fiqh of Pecuniary & Proprietary Transactions
Instructor: Ahmad ‘Alī al-‘Adanī
Course Format: 12 downloadable sessions; 3 live sessions
Starts On: 4 March 2013
Length: 2 annual terms / 4-year course
Term: First term (12 weeks)
Course ID: FPT-1/2013
Division: Fiqh of mu`āmalāt
Department: Fiqh of pecuniary & proprietary transactions
“A general and detailed guide to the fiqh of pecuniary and proprietary transactions involving money, property, trade, business, industry, zakāt, work and partnerships, sale and lease, endowments and insurance, stock exchange and donations, barter and banking and everything in-between”
Finance controls the world.
This course therefore equips participants with knowing orientation of the operations taking place in the nerve center of our social existence.
As Shaykh at-Tāhir b. ‘Āshūr stressed, the creation, preservation and multiplication of wealth is one of the primary objectives of the sharī`ah and one of the most important collective duties resting on members of this ummah.
A lot of our daily lives are shaped by what happens in this terrain and by our choice to take by secular law or by Allah’s sharī`ah regulating it.
Al-Burzuli mentioned that acquiring knowledge of the fiqh of pecuniary transactions was incumbent even on young boys, let alone on adults.
Yet nowhere in the world has an orderly and exhaustive online course on this key area been provided or even attempted.
This course aims to rectify that.
This course spans 4 years, divided into annual segments which are made up, in turn, of three 12-week terms per year.
At the same time, each part of the course can work as a self-contained unit.
All the subjects involving pecuniary and proprietary transactions will be broached.
Theory is always linked to practice: Participants must be able to know what they do and why, and to do it as individuals and communities.
Exercises and practical illustrations involving both instructor and participants will lavishly accompany every step of the course, and there will be notes galore along with stimulating materials.
Eager participants will take their place as sources of light in their nations, and will naturally become their representative leaders.
DVD’s of plays and moot court cases will be offered at discounted prices or free of charge as key uniquely designed study aids.
A structured approach suited to the modern mind, drawing from centuries of classical and contemporary scholarship, will be resorted to in preference over reliance on any one insufficient old text.
This course is an optimal combination of a fully-fledged university approach and a traditional teacher-student interaction in Islamic educational centers.
• Preface to the course; introduction to the fiqh of mu`āmalāt generally; broad introduction to the fiqh of pecuniary and proprietary transactions
• Some ethical fences based on the Lawgiver’s objectives
• Property as understood by the Islamic classics
• The definition of property and its practical implications, e.g.: Is immaterial property recognized in Islam?
• Prohibited forms of property
• The classification of property (Fungible/non-fungible; movable/immovable; replaceable by like or equivalent; divisible/indivisible; patent/latent etc), e.g.: Is money a fungible? Can it be leased? What is the nature of modern money?
• Modes of acquiring property in Islam
• Types of ownership and limitations to ownership imposed by the Law, inc.: Is oil subject to zakāt?
• Types of ownership (continued), especially the distinction between owning the corpus of a thing and its usufruct, inc.: Credit cards and car rental services. Are they covered by the same rules in the Law?
• Rights and their classification, including immaterial property rights (copyrights, patents and trademarks)
• Contracts: Definition of contracts and the “theory” of contracts
• Classification of contracts, inc. the proliferation of “composite” contracts in our age of financial capitalism
• Pillars of contracts and contractual terms and conditions
• The first pillar of contracts: The parties to a contract
• Legal capacity, including minors and guardians
• Limitations to legal capacity and corporate personality (from the waqf to limited liability companies)
• The second pillar of contracts: The formula of offer and acceptance (sīghah), and the meaning of intention and consent
• Modern applications of the fiqh on this subject: Methods of establishing the parties’ consensus, e.g. by fax, Internet or by tacit conduct
• Factors vitiating consent by contracting parties
• a) Duress
• b) Willful misrepresentation and withholding of material information
• c) Actionable error
• Defective items
• The third pillar of contracts: The subject-matter of a contract
• Contractual freedom, invalid clauses, options
• The legal effects of contracts
• Termination of contracts
• The classical prototype of lawful contracts in Islam: Bay` (sale)
• Definition of bay`, its legal value in the sharī`ah, introductory mention of its pillars
• Distinguishing sale from barter and currency exchange, and distinguishing it from lease. A word on self-employment and mass employment
• Distinguishing bay` from a usurious transaction
• Brief elucidation of what is meant by ribā, gharar (material want of knowledge about a countervalue or both) and qimār (gambling)
• Case study 1: The modern hire-purchase contract
• Case study 2: The modern contract of financial murābahah
Requirements & Prerequisites
Having a desire to truthfully learn and act.
The 3 live sessions are held after the 4th, 8th and 12th lessons respectively.
The next term will fully deal with sale as a self-contained unity, beginning with its first pillar of the formula of offer and acceptance (sīghah)