Muamalat

Muamalat (also muʿāmalāt, Arabic: معاملات‎‎, literally "transactions" or "dealings") is a part of Islamic jurisprudence, or fiqh. Sources agree that muamalat includes Islamic "rulings governing commercial transactions" (Islamic Banking and Finance Institute of Malaysia and Majallah al-Ahkam al-Adliyyah) but other sources (Oxford Islamic Studies Online, Brian Kettell, and Wahbah al-Zuhayli’) give it a broader definition including civil acts and in general all aspects of fiqh that are not Ibadat (acts of ritual worship such as prayer or fasting). (See organizational chart of the structure of Islam below in "Principles" section)

Mu'amalat provides much of the basis for Islamic economics, and the instruments of Islamic financing, and deals not only with Islamic legality but also social and economic repercussions and the rationale of its prohibitions (according to Monzer Kahf).

According to at least one author (Monzer Kahf), Mu'amalat "sets terms and conditions of conduct for economic and financial relationships in the Islamic economy" and provides the "grounds on which new instruments" of Islamic financing are developed. It also extends beyond discussions of Islamic legality "to the social and economic repercussions of alternative legal forms of economic or financial relationship and analyze the rationale behinds [sic] it."

According to Hosein Askar, Zamir Iqbal, and Abbas Mirakhor, a "significant subset" of muamalat "defines the conduct of economic activities" within the economic system, which "ultimately lays down the rules for commercial, financial and banking system."

According to Aznan Hasan, basic principles of muamalat, are that dealings and contracts in Islam ...

According to Abdullaah Jalil, Asharaf Mohd Ramli, Syahidawati Shahwan there are four "theories" that underlie the framework of Mu'amalat dealings:

Jalil, Ramli and Shahwan also note that the development of Mu'amalat rules is less strict than 'Ibadat.

According to muamalat, contracts ...

At least one source (a scholar identified as "Barbarti") defines aqad (contract) as a “legal relationship created by the conjunction of two declarations, from which flow legal consequences with regard to the subject matter”.

The essential elements of a contract are contracting parties (aqidan'), a subject matter ('Ma'aqud Alaih), and a legally binding offer and acceptance (Sighah). They may be written, verbal or even indicated by signs (in the case of speechless person).

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