Turaths & Todays: Muamalat Essentials

(Class #9, Summary of the class)

Hajr (الحجر)

Definition of Hajr

Linguistically, al-hajr refers to restraint, prevention, or holding back.

In the context of Islamic jurisprudence, it means prohibiting a specific individual from managing certain financial matters —such as handling assets, money, or property—due to a particular and justified reason.

Understanding Tasarruf

Tasarruf refers to engaging in specific financial transactions or the act of disposing of property through sale, lease, gift, and other similar dealings.

Authority in Enforcing Hajr

Not everyone has the authority to issue a ruling that restricts someone from conducting financial transactions. The authority to declare a person unfit or restricted in financial matters must come from a legitimate and recognised body or individual who holds legal and religious jurisdiction. This typically includes a judge (qadi) or a designated authority within the Islamic legal system who is qualified to assess and rule on such matters based on evidence and due process.

Two Types of Interdiction (Hajr)

1.Interdiction legislated for the Benefit of the Restricted Person

This form of ḥajr is imposed to protect the individual due to their inability to manage their wealth properly. It includes individuals who might harm themselves financially due to poor judgment or recklessness.

Examples:

1. • The minor (ṣabiy) lacks legal capacity due to age.
   • The insane person (majnuun) is incapable of sound reasoning.
   • The prodigal person (safiih) wastes wealth, does not appreciate its value, and makes poor financial decisions.
   • The slave (ʿabd) whose property legally belongs to the master.

All of these fall under the principle of protection of the individual from self-harm in financial matters.

A safiih is someone unable to manage their wealth or finances properly. This person tends to waste their money, does not understand its value, and is likely to make poor financial decisions. The restriction imposed on such a person is for their benefit—to protect them from financial harm due to their poor judgment.

Who has the authority to make such a decision?

In Islam, the responsibility lies with the court (Mahkamah) or a judge (Qadi), who has the legal and religious mandate to declare someone as safiīh and restrict their financial dealings accordingly.

It is important to note that a minor is not considered safīh, as their legal capacity is determined by specific criteria related to age and maturity, rather than recklessness.

2. Interdiction Legislated for the Benefit of Others

This category is designed to protect the rights of third parties who may be harmed due to the individual’s financial condition or decisions.

Examples:

1. • The bankrupt person (muflis) – one whose due and payable debts exceed their current assets. The restriction is intended to protect creditors.
   • The terminally ill person (marid mard al-mawt) is restricted from excessive bequests or gifts that may harm the rights of heirs.

The core principle here is the preservation of the financial rights of others.

The first category refers to the interdiction of a prodigal person, defined as someone who recklessly wastes and destroys their wealth without any meaningful purpose. According to the Mecelle (Article 946), this includes individuals who are deceived in business due to being naive, simple-minded, or lacking sound judgment. Such individuals are deemed incapable of responsible financial management, and interdiction is imposed to protect them from harming themselves.

The second category refers to the interdiction of a discharged bankrupt, specifically regarding their individual property. In legal terms, a discharged bankrupt is someone whose current due debts exceed the value of their assets. In fiqh, this means that the individual is known to be in a financial condition where their outstanding debts exceed their assets and ability to pay, making it necessary to restrict their monetary authority to protect the rights of creditors.

A gambling addict, although possessing a sound mind, may also fall under the category of safiīh due to their inability to manage money responsibly. Their repeated financial self-harm through gambling justifies such a restriction under Islamic law.

The key difference between the two categories lies in the objective of the restriction:

• The first is imposed because the individual is incapable of handling their wealth, and it is for their protection.
• The second is imposed because the individual’s financial situation or behaviour may harm others, and thus it is enacted to protect the rights of others.

Islamic law (Shariah) considers both perspectives—the individual’s well-being and the rights of the community. This dual focus reflects the Shariah’s commitment to maintaining justice, protecting wealth, and ensuring that neither the individual nor society is unjustly affected by irresponsible financial conduct.

Illustrations

• Interdiction (Hajr) of a Prodigal Person:

Amru, although of sound mind, squanders his wealth. The judge declares:

“I bar Amru from managing his wealth.”

• Interdiction (Hajr) of a Discharged Bankrupt:

Amru owes Zaid 1,000 dinars that are currently due, and his assets are insufficient to cover the debt. Either Amru or Zaid, or both, appeal to the court. The judge declares:

“I bar Amru from managing his wealth”.

Based on this judgment, Amru is officially considered bankrupt.

Contemporary Application and Caution

While Islamic law provides clear guidelines for imposing ḥajr, its application in contemporary legal and financial systems must be carefully guarded. For instance, bankruptcy declarations can sometimes be exploited. An individual or company may declare bankruptcy to halt legal actions from creditors, including banks, even when they have diverted funds elsewhere through unethical schemes.

This abuse can undermine trust and justice. Therefore, any restriction, such as barring someone from economic transactions, must be guided by two core objectives:

• To protect the individual from misusing their wealth.
• To protect the community or other stakeholders from potential harm caused by that individual.

Sulh (الصلح)

Linguistic Meaning

The term Sulh linguistically refers to the act of stopping a dispute. It comes from the root meaning qat’ al-niza’, which means cutting off the conflict. In this sense, sulh means to bring an end to disagreement or contention between two parties.

Shariah or divine legal definition

In Islamic jurisprudence, sulh carries the same essential meaning, which is settling a dispute through agreed-upon terms. It refers to an agreement or contract entered into by conflicting parties to resolve a conflict or disagreement. This contract aims to foster reconciliation, islah, and mutual understanding, thereby bringing an end to hostility.

This concept is supported in the Qur’an, as seen in Surah An-Nisaa’:

وَٱلصُّلۡحُ خَيۡرٌ
“And reconciliation is better.”[1]

Wa al-sulhu khayr, meaning reconciliation is better, which emphasises the virtue and priority of peaceful resolution.

Application and Example

In situations such as marital disputes, where conflict arises between a husband and wife, a third party may intervene to help resolve the matter. This third party acts as a mediator, seeking to guide both sides toward reconciliation and understanding. Their role is to perform islah, that is, to correct and restore peace between the parties.

Application in Economic Transactions

The concept of sulh is not limited to personal relationships. It also applies in economic and financial disputes. Applying sulh in economic matters is highly recommended in Islam, as it fosters justice, fairness, and the preservation of relationships.

Although sulh can occur directly between the two parties involved, it is often facilitated by a third party—someone neutral and trustworthy who helps bring about a fair and amicable resolution.

In summary, sulh is a noble Islamic mechanism for resolving disputes, whether personal or financial. It reflects the higher objectives of Shariah by promoting peace, restoring rights, and preventing further harm.

Types of Settlement

There are two primary types of settlement (sulḥ) recognised in Islamic jurisprudence:

1. Settlement by Reduction or Forgoing Rights: This type of settlement involves one party—usually the plaintiff—waiving part or all of their rights, either over a debt, a specific piece of property, or a personal claim. This concept is similar to that of tanazul (voluntary relinquishment).

Example:
Amr owes Aqi $1,000 but is unable to repay the full amount. They enter into a settlement where Aqi agrees to accept $800 instead. In this case, Aqi is forgoing $200 of his rights as part of the settlement.

Another example is when Amr cannot pay the debt at all and instead offers an item he owns, such as a MacBook, as part of the settlement. This illustrates how a tangible object (‘ayn) can be used in lieu of a monetary payment in a settlement agreement. 

2. Settlement by Exchange: This type involves the plaintiff accepting something different from the original subject of the dispute, whether in value, type, or form. 

This can include:

• A replacement of the claimed property or debt with a different item.
• The agreement of the plaintiff to accept something other than the exact subject of the dispute, whether physical or monetary.

This form of settlement transfers the claim from its original basis to an agreed-upon alternative compensation.

Conditions for the Validity of a Settlement

For a settlement to be considered valid in Islamic law, two main conditions must be met:

1.Existence of an Actual Dispute

There must be an honest and recognised disagreement between the parties, such as over a debt, property, or rights.

2. Admission by the Defendant

The person being accused or claimed against (the defendant) must admit the truth of the claim, either partially or fully. This acknowledgement makes the settlement meaningful and binding.

Illustration of a Settlement

Zaid makes a claim against Amr regarding a house or 20 dinars in his possession. Initially, Amr denies the claim. Later on, Amr admits the validity of Zaid’s claim.

Zaid then says to Amr, “I wish to settle with you regarding this house by forgoing half of it to you, or by accepting this garment in return.”

Amr replies, “I accept.”

In this example, Zaid agrees to accept either half of the property or another item (the garment) as part of the settlement. Thus, the dispute is resolved through mutual agreement.

This demonstrates that settlement can occur through a partial waiver of rights or an exchange with a different object or value, as long as both parties consent and the required conditions are fulfilled.

Sulh can take place at two different levels. The first is an informal resolution, where both parties mutually agree to settle the dispute without involving the court. The second is when the matter is brought before a court, which acts as a neutral arbitrator or mediator to help both parties reach a fair settlement.

When it comes to financial transactions, not everything always proceeds smoothly. At times, individuals are unable to fulfil what is due. In such cases, Shariah offers sulh as a means to resolve the dispute amicably between the two parties.

This process is not merely about settling debts or disputes but also about maintaining the relationship between individuals. Islam emphasises both hablun min Allah and hablun min An-naas—the relationship with God and with fellow human beings. Hence, resolving conflicts through sulh holds significant spiritual and social value.

The classical fuqaha have carefully deliberated upon the concept and application of this contract to ensure that all financial transactions are conducted with clarity and justice. It is essential to clearly define each party’s rights and liabilities in any contract to protect their respective interests and wealth. In this way, Sulh upholds the objectives of Shariah in preserving both individual rights and social harmony.

Hawalah (الحوالة)

Meaning and Definition

Linguistically, hawalah refers to the transfer or shifting of something. The word “tahawwul” means transfer, while “intiqal” refers to movement from one place to another.

In Islamic Jurisprudence, hawalah is defined as: A contract that results in the transfer of a debt from the responsibility of one party to another.

This concept enables a debtor to transfer their obligation to a third party who agrees to assume that liability. It is essentially a transfer of financial responsibility, or more specifically, a transfer of debt.

Constituents of Hawalah

There are six primary components required for a valid hawalah contract:

1. Transferor of the debt (Debtor): The person who originally owed the debt
2. Creditor (the person to whom the debt is transferred): The one who is entitled to receive the payment
3. Transferee: The person who agrees to take on the responsibility of the transferred debt
4. The debt itself: The specific obligation being transferred from the original debtor to the transferee
5. Offer (Ijab): A clear proposal to transfer the debt
6. Acceptance (Qabul): Agreement to the offer by the relevant party

Illustration

There are three parties: A, B, and C

• A owes B $100
• B owes C $200

To facilitate the settlement of part of B’s debt, B tells C, “Instead of collecting $200 from me, collect $100 from A.” C agrees to this arrangement, and A also agrees to pay $100 directly to C on behalf of B.

As a result, B’s debt to C is partially settled through hawalah by transferring $100 of his liability to A. The remaining $100 is still owed by B to C.

This example illustrates how hawalah enables the transfer of a portion of a debt from one party to another, with the mutual consent of all parties involved.

Condition of Validity

1. Regarding the transferor (Al-Muhiil) and the transferee (Ak-Muhtaal): They must fulfil the same conditions required of a buyer and a seller.
2. Regarding the offer (ijab) and Acceptance (qabul): They must meet the exact requirements as the contractual formula (ṣhighah) used in a sale contract.

Conditions for the Two Debts in Hawalah (Debt Transfer)

There are four essential conditions for the two debts involved in a ḥawalah contract:

1. Confirmation of Both Debts: Both debts must be clearly established and acknowledged by all relevant parties.
2. Validity of the Debts for Exchange: The debts must be valid and legally transferable. This means the nature of the debt allows for such a transfer under Shariah.
3. Clarity and Knowledge of Both Debts: All parties must have clear knowledge regarding the amount, type, description, whether it is due immediately, or if it is deferred. There must be no ambiguity.
4. Equivalence of the Two Debts: The two debts must be equal in amount, type, and description to avoid any form of injustice or unfair exchange.

Another Illustration of a Debt Transfer Procedure

Amru owes Zaid 1000 dinars, which is a valid and immediately payable debt. Meanwhile, Bakar owes Amru 1000 dinars under the same conditions.

Amru then says to Zaid, “I transfer to you the 1000 dinars from Bakar, in place of what I owe you.” Zaid replies, “I accept.”

This illustrates the basic mechanism of debt transfer in Shariah.

Key Consideration in Hawalah

One of the most important aspects in ḥawalah is mutual consent among all parties, especially from the muhtaal (the creditor to whom the debt is transferred). The transaction cannot proceed without their agreement. This is a crucial point because the creditor is the party most directly affected by the transfer.

It is not a common contract used in everyday transactions, but it may arise in certain financial contexts. For this reason, it is essential that parties entering such agreements are fully aware of each other’s financial responsibilities and commitments. Trust and transparency are critical to avoid harm or injustice.

Classical Fiqh References

This contract, along with its conditions and implications, has been thoroughly discussed in the classical books of fiqh. Therefore, whenever a ḥawalah transaction occurs, it is the duty of all parties involved to ensure that:

• Each party’s rights are preserved, and
• No one is subjected to harm or loss.

This aligns with the broader objectives of Shariah in protecting wealth, justice, and mutual rights in financial dealings.

The Issue of Gharar in Islamic Finance

During our previous takaful class, a question was raised regarding the concept of gharar, particularly its ambiguity and how it applies in contracts. This is a crucial discussion, particularly in the context of Islamic financial transactions.

Definition and Misunderstanding of Gharar

The concept of gharar is often misunderstood. Even among practitioners and students of Islamic finance, uncertainty persists regarding its parameters, specifically, which types of gharar are tolerable and which are not permissible.

Linguistically, gharar comes from the Arabic root that connotes risk or uncertainty. According to classical scholars such as Al-Sarkhasi, Al-Dasuqi, and Ibn Taymiyyah, gharar refers to that which has hidden or unknown consequences.

From a juristic (fiqh) perspective, AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions) defines gharar as:

“The state of uncertainty that exists when the process of concluding transactions involves an unknown aspect.”

AAOIFI is one of the most recognised standard-setting bodies in Islamic finance. It comprises scholars and jurists from various parts of the world, bringing together diverse perspectives to develop Shariah-compliant standards and guidelines for financial transactions.

Is Gharar Prohibited in the Qur’an?

While there is no direct and explicit prohibition of gharar in the Qur’an using the word itself, the prohibition is derived from general Qur’anic principles related to fairness and justice in transactions.

For example from Qur’an:

يَا أَيُّهَا الَّذِينَ آمَنُوا لَا تَأْكُلُوا أَمْوَالَكُم بَيْنَكُم بِالْبَاطِلِ إِلَّا أَن تَكُونَ تِجَارَةً عَن تَرَاضٍ مِّنكُمْ
“O you who believe, do not consume one another’s wealth unjustly, except through lawful trade based on mutual consent.”[2]

Also:

وَلَا تَأْكُلُوا أَمْوَالَكُم بَيْنَكُم بِالْبَاطِلِ وَتُدْلُوا بِهَا إِلَى الْحُكَّامِ لِتَأْكُلُوا فَرِيقًا مِّنْ أَمْوَالِ النَّاسِ بِالْإِثْمِ وَأَنتُمْ تَعْلَمُونَ
“And do not consume one another’s wealth unjustly or send it [in bribery] to the rulers in order that [they might aid] you [to] consume a portion of the wealth of the people unlawfully, while you know [it is unlawful].”[3]

These verses highlight the prohibition on consuming wealth through falsehood, deception, or unjust means, which forms the foundational basis for prohibiting gharar.

Hadith Evidence

The prohibition of gharar is explicitly found in numerous authentic narrations from the Prophet Muhammad ﷺ, as reported by companions such as Abu Hurairah, Ibn Umar, and Ibn Abbas.

The Prophet ﷺ forbade transactions involving gharar, including but not limited to:

• Bay‘ al-hasah (sale by throwing a stone to indicate random selection)
• Al-mulamasah (sale by touching without seeing)
• Al-munabadhah (sale by throwing goods at each other without inspection)
• Two sales in one (e.g., offering two options in one contract with uncertainty about which will be enforced)

These forms of transaction were common in the pre-Islamic era (jahiliyyah), and Islam came to reform such unjust practices to protect the wealth and rights of all parties involved.

Application via Qiyas

In modern Islamic finance, any form of contract involving significant uncertainty—especially in ‘uqud mu‘awadhah (exchange contracts)—is also prohibited by analogy (qiyas) to the above.

Differences in the application of gharar

Gharar can affect different parts of a contract:

• The essential elements, such as the parties involved
• The subject matter of the contract
• The offer and acceptance process

Gharar can also relate to the uncertainty of future outcomes, such as in investments, purchases, or speculative transactions, where the performance or prices are unknown.

When gharar involves these essential elements—like not knowing what the item is, its condition, or important details—this kind of uncertainty is not allowed and can invalidate the contract.

However, if the gharar is about the future outcome, which is naturally uncertain (for example, how an investment will perform or what the future price will be), this is considered a risk that the parties accept. This type of uncertainty does not make the contract invalid.

In summary, gharar that affects the fundamental parts of the contract is prohibited, while gharar related to future risks can be allowed.

Gharar also varies in degree, from minor (which may be tolerable) to excessive (which is not allowed).

General view on speculation (Gharar)

• Permissible if all conditions of a valid sale contract are met.
• Making a profit from the difference between the original purchase price and the selling price is allowed.

Issues with speculation in capital markets and exchanges

• Short-term nature: Speculation often involves short-term buying and selling rather than long-term investment, which is discouraged.
• Lack of true ownership intention: Speculators often don’t intend to own or benefit from the underlying asset’s performance genuinely—they focus only on price movements.
• Prices detached from fundamentals: Prices can become disconnected from the asset’s actual book value and financial performance, leading to unrealistic valuations. While valuation theories vary, prices can sometimes be significantly higher than book value due to speculative expectations.
• Lack of transfer of ownership and deliverability: In many speculative transactions, there is insufficient evidence that ownership genuinely transfers or that the goods will be delivered.
• Negative economic impacts: Excessive speculation can lead to market volatility and losses, ultimately harming economic stability.[4]

Shariah parameters for speculation:

1. Valid underlying contract: The speculation must be based on a contract and arrangement that fulfills all Shariah requirements (valid offer, acceptance, clear subject matter, etc.)
2. No fictitious transactions: The speculator should not engage in sham or fake transactions that avoid the legal effects of the contract (e.g., pretending to sell without intention to transfer ownership).
3. Actual transfer of ownership: The transaction must involve the real transfer of ownership from seller to buyer.
4. No market instability: The speculative activity should not cause harm or instability in the market (e.g., causing price manipulation or excessive volatility).
5. Benefit to the real economy: Speculation should be connected to actual economic activities that serve Shariah objectives, primarily the preservation and growth of wealth in a lawful manner.[5]

Question: What does “Short term” mean in the context of investment and speculation?

“Short term” generally refers to holding an investment or asset for a brief period, which can range from a single day to a few weeks or months. The exact length is not strictly defined and can vary depending on the market and type of asset.

From a Shariah perspective, the length of time—whether short-term or long-term—is not the primary issue. What matters most is that the transaction fulfils all the essential pillars (arkan) and conditions of a valid contract, such as clarity in terms, ownership, and consent.

So, even if an investment or trade is conducted within a day or two, it is permissible as long as the underlying contract meets all Shariah requirements and there is no element of prohibition, such as excessive gharar (uncertainty) or maysir (gambling).

Question: What is the difference between forecasting and speculating?

Forecasting involves making a prediction that may or may not come true, and it entails calculations and probabilities. Speculating means actively engaging in an activity based on that forecast, taking on risk. For example, CFDs (Contracts for Difference) are not allowed because they involve speculation without actual ownership.

Question: Is trading crude palm oil futures allowed in Malaysia?

There is an exception in Malaysia regarding crude palm oil futures. Since palm oil is an integral part of Malaysia’s agricultural industry, Bursa Malaysia has set legal parameters to regulate these transactions strictly.

Almost all trades in crude palm oil futures on Bursa Malaysia involve a high level of certainty regarding delivery. This means that the contracts are primarily backed by actual physical delivery, and buyers and sellers expect the commodity to be delivered as agreed upon.

This certainty of delivery reduces excessive uncertainty (gharar) and speculation, making crude palm oil futures more acceptable under Shariah principles compared to other futures contracts that might be purely speculative without actual delivery.

Therefore, due to its connection to a real underlying commodity and the regulatory framework ensuring physical delivery, trading crude palm oil futures in Malaysia is generally considered permissible within Islamic finance guidelines.

Question: Are CFDs permissible?

No, CFDs (Contracts for Difference) are not considered halal because they do not involve actual ownership of the underlying asset. Instead, they are based purely on price speculation, which is not compliant with Shariah principles.

Question: If I buy US stocks and sell them within 24 hours, is that considered speculation?

Yes, it is a form of speculation because you are entering the market with the hope that the price will increase. However, as long as the purchase is genuine, you have actual ownership of the stocks, and the transaction fulfils all Shariah requirements (such as proper offer and acceptance, ownership transfer, and no elements of gharar or maysir), then this kind of speculation is permissible in Islam. It falls under acceptable investment risk, not prohibited speculative activity.

Question: Are all types of risk, like gharar (uncertainty) and maysir (gambling), considered haram in Islam?

 No, not all risks are haram. Islam recognises that some level of risk is a natural part of business and investment. What matters is the type of risk and how it is taken. Here’s how different types of risk are classified:

1. Investing (Permissible Risk)

This is a Shariah-compliant form of risk.

• Involves absolute ownership of assets or business ventures
• Based on solid evidence, due diligence, and informed decisions
• Offers a reasonable opportunity for profit
• Carries some risk of capital loss
• Aligned with Islamic principles as long as no prohibited elements (like riba, gharar, or maysir) are involved

2. Speculating (Sometimes Permissible)

Speculation involves a higher level of uncertainty, but may still be allowed if it meets Shariah conditions.

• Involves real asset purchases (not fictitious contracts)
• Based on weaker or uncertain evidence
• Aims for larger profits, but also has a higher risk of loss
• Typically short-term in nature
• Permissible only if it involves real transactions, clear ownership, and does not involve prohibited elements (e.g. contracts without delivery like CFDs)

3. Gambling (Haram Risk)

This is strictly prohibited in Islam.

• Based purely on chance, not a legitimate sale or investment
• No real asset or service is exchanged
• Motivated solely by the desire to win or gain money
• Involves the risk of total loss without cause
• Considered maysir, and forbidden in the Qur’an and Sunnah

Islam allows calculated and justifiable risk in economic activities, especially when backed by ownership, value creation, and fairness. What is forbidden is excessive uncertainty (gharar) and games of chance (maysir) that lead to unjust gain or loss.

Question: Is trading fractional shares in the US market (e.g., Tesla, Meta) considered investment, halal speculation, haram speculation, or gambling?

Trading fractional shares in US stocks—such as Tesla or Meta—is considered investment or permissible (halal) speculation, as long as there is real ownership of the shares.

• If your brokerage reflects actual ownership of even a fraction of the stock, and you have the right to sell it, then the transaction is valid and halal.
• Speculation itself is not haram, provided it occurs within a legitimate and Shariah-compliant structure.
• The intention to profit from price movement (buy low, sell high) is natural and acceptable in Shariah, as long as it’s done through real trades and not gambling-like contracts.

What is not allowed, like CFD (Contract For Difference) trading, because:

• There is no real ownership of the underlying asset.
• The transaction is purely based on price speculation, rather than the actual buying or selling of an asset.
• It closely resembles gambling and falls under the category of gharar (excessive uncertainty).

Question: Are gold futures traded on COMEX Shariah-compliant?

No, gold futures traded on COMEX are generally not Shariah-compliant.

Here’s why:

• COMEX (Commodity Exchange) is a platform for trading commodity futures contracts, including gold.
• These contracts often involve speculating on the price of gold without actual physical delivery or ownership of the gold.
• In Shariah, especially when it comes to ribawi items like gold and silver, physical possession and immediate settlement (i.e., taqabudh) are required.

According to Islamic capital market standards, ownership must be actual and physical, not just notional or based on price speculation. Delayed delivery or mere paper trades do not fulfil the requirements for a valid trade under Islamic law.

Hence, trading gold futures on COMEX does not comply with Shariah if:

• There is no physical possession or delivery, and
• The contract is settled purely based on the price difference, rather than the transfer of actual gold.

Therefore, not all speculation is haram. It is crucial to thoroughly understand the specific transaction and ensure that all Shariah principles are met, so that no party is harmed or treated unjustly.

 

[1] Al-Qur’an, Surah An-Nisaa’ (4:128).

[2] Al-Qur’an, Surah An-Nisaa’ (4:29).

[3] Al-Qur’an, Surah Al-Baqarah (2:188).

[4] Kahf M., Islamic Finance: Risks and Challenges. Quradaghi Y., Islamic Capital Markets and Speculation.

[5] Kasri N.S., Soualhi Y., Abojeid M., Ghazali N., Shariah Parameters on Speculative Activities, Vol. X

https://islamicfinance.sg/summary-class-8/