From the concept of haqq to the prohibitions of riba, gharar and maysir in Islamic finance
by Valentino Cattelan
International Journal of Monetary Economics and Finance (IJMEF), Vol. 2, No. 3/4, 2009

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).

Online publication date: Mon, 02-Nov-2009

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