Another difference was the English vesting of "legal estate" over the trust property in the trustee, though the "trustee was still bound to administer that property for the benefit of the beneficiaries." In this sense, the "role of the English trustee, therefore, does not differ significantly from that of the mutually." The only significant distinction between the Islamic waqf and English trust was "the express or implied reversion of the waqf to charitable purposes when its specific object has ceased to exist", though this difference only applied to the waqf ahli (Islamic family trust) rather than the waqf khairi (devoted to a charitable purpose from its inception). Under both a waqf and a trust, "property is reserved, and its usufruct appropriated, for the benefit of specific individuals, or for a general charitable purpose the corpus becomes inalienable estates for life in favor of successive beneficiaries can be created" and "without regard to the law of inheritance or the rights of the heirs and continuity is secured by the successive appointment of trustees or mutawillis." Every waqf was required to have a waqif (founder), mutawillis (trustee), qadi (judge) and beneficiaries. The waqf in Islamic law, which developed in the medieval Islamic world from the 7th to 9th centuries, bears a notable resemblance to the English trust law. The transfer of debt, which was "not permissible under Roman law but became widely practiced in medieval Europe, especially in commercial transactions", was due to the large extent of the "trade conducted by the Italian cities with the Muslim world in the Middle Ages." The agency was also "an institution unknown to Roman law" as no "individual could conclude a binding contract on behalf of another as his agent." In Roman law, the "contractor himself was considered the party to the contract and it took a second contract between the person who acted on behalf of a principal and the latter to transfer the rights and the obligations deriving from the contract to him." On the other hand, Islamic law and the later common law "had no difficulty in accepting agency as one of its institutions in the field of contracts and obligations in general." Waqf trust The words aval and Cavallo were themselves derived from Hawala. Hawala itself later influenced the development of the agency in common law and in civil laws such as the aval in French law and the Cavallo in Italian law. The Hawala, an early informal value transfer system, has its origins in classical Islamic law, and is mentioned in texts of Islamic jurisprudence as early as the 8th century. Modern Islamic economics emerged in the 1945s, and as of 2004 Islamic Banks have been established in over 8 countries, and interest has been banned in three: Pakistan, Iran and the Sudan. In addition, Islamic law has developed areas of law that correspond to secular laws of contracts and torts.Ĭontemporary Islamic scholars draw heavily on classical opinions. These concepts, like others in Islamic law and jurisprudence, came from the "prescriptions, anecdotes, examples, and words of the Prophet, all gathered together and systematized by commentators according to an inductive, casuistic method." Sometimes other sources such as al-urf, (the custom), al- 'aql ( reason) or al- ijma (consensus of the jurists) were employed. riba ("every kind of excess or unjustified disparity between the exchanged objects or counter values" ).that is, of the presence of any element of uncertainty, in a contract (which excludes not only insurance but also the lending of money without participation in the risks) and zakat (the "taxing of certain goods, such as harvest, to allocate these taxes to expand that, are also explicitly defined, such as aid to the needy").Specific Islamic concepts involving money, property, taxation, charity and the Five Pillars include: These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency, cheques, promissory notes, early contracts, bills of exchange, and forms of commercial partnership such as mufawada. This is a sub-article of Islamic economics and Muslim world.īetween the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. JSTOR ( October 2016) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed.įind sources: "History of Islamic economics" – news Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
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