Muamalat


Muamalat.
However, other sources give it a broader definition including civil acts and in general all aspects of fiqh that are not Ibadat.
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. Even a broad definition of Muamalat does not deal with all aspects of property and money in Islam, as zakat — compulsory alms giving that is one of the five pillars of Islam — is part of Ibadat division of fiqh.

Definitions

According to at least one author, 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 it."

Principles

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."

Basic principles

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:
  1. Ahliyyah. Legal capacity refers to whether the person is of sound mind and old enough to enter into a legal financial contract.
  2. Mal concerns the nature and types of property that the contract deal with.
  3. #Property must exist at the time of transaction
  4. #seller must be owner of the merchandise
  5. #merchandise must be Islamically lawful
  6. #must be of some use or value
  7. #must be able to be delivered by the seller to the buyer
  8. #the details of the merchandise must be known to both the seller and buyer
  9. Milkiyyah, concerns the types, methods and scopes of ownership, that affect the relationship between the property and its owner in Islamic jurisprudence.
  10. Aqd, describes the framework or structure of a contract in fiqh.
Jalil, Ramli and Shahwan also note that the development of Mu'amalat rules is less strict than Ibadat.
Mu'amalatal-'Ibadat
Specific Quranic and Sunnah resources
to base ruling on are few and general in nature;
hence the rational thinking can be applied extensively.		Specific Quranic and Sunnah resources
to base ruling on are many and detailed in nature;
hence it cannot be developed extensively by rationalization.
Actions are permitted except where
the Shariah states prohibition.		Actions are not permitted except where
the Shariah states permission.
Fatwa or verdict in based on the
most appropriate opinion		Fatwa or verdict is based on the
most cautious opinion.
Legal rulings are heavily based on
rational reasoning 		Legal rulings cannot be heavily based
on rational reasoning.

General Prohibitions

According to muamalat, contracts...
At least one source defines aqad 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, a subject matter , and a legally binding offer and acceptance. They may be written, verbal or even indicated by signs.
Muamalat contracts are prominent in Islamic banking where they are "fundamental factors" that determine whether a "transaction is valid or not".
Some contracts in Mu'amalat include:

Books, documents, etc.

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