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From the concept of haqq to the prohibitions of riba, gharar and maysir in Islamic finance

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  • Valentino Cattelan

Abstract

This paper suggests a juridical interpretation of the prohibitions of riba, gharar and maysir through the outline of the concept of 'right', haqq, in Muslim law. The approach provides a comprehension of the bans alternative to its religious/moral understanding which is still prevalent in academic literature despite the uncertainty inherent in it. In particular, the paper argues that the doctrines of riba, gharar and maysir, commonly considered as evidence of the religious/ethical bases of Islamic law, express, more precisely, a requirement of efficiency of the contract ('aqd) linked to the quantitative and qualitative equilibrium, whose deepest sense may emerge only within the conceptualisation of haqq in Islamic justice ('adl).

Suggested Citation

  • Valentino Cattelan, 2009. "From the concept of haqq to the prohibitions of riba, gharar and maysir in Islamic finance," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 2(3/4), pages 384-397.
  • Handle: RePEc:ids:ijmefi:v:2:y:2009:i:3/4:p:384-397
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    Citations

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    Cited by:

    1. Mustafa Raza Rabbani & Shahnawaz Khan & Eleftherios I. Thalassinos, 2020. "FinTech, Blockchain and Islamic Finance: An Extensive Literature Review," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 65-86.
    2. Cattelan, Valentino, 2014. "In the name of God: Managing risk in Islamic finance," eabh Papers 14-07, The European Association for Banking and Financial History (EABH).
    3. Valentino Cattelan, 2013. "A glimpse through the veil of Maya: Islamic finance and its truths on property rights," Chapters, in: Valentino Cattelan (ed.), Islamic Finance in Europe, chapter 3, pages 32-51, Edward Elgar Publishing.
    4. Fatma Alahouel & Nadia Loukil, 2020. "Financial uncertainty valuation: doesShariahcompliant screening matter?," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 14(1), pages 57-76, August.

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