What is it

The principles on which Islamic finance is based - such as the prohibition of usury, speculation, uncertainty in the conclusion of contracts and, more generally, investments in products or activities harmful to society - were already enunciated by Aristotle and crossed the entire history of humanity. After being endorsed by Hebraism and Christianity, they have taken up by Islam which, therefore, does not claim any authorship, and has applied them with its own contractual structures – some of which are listed in this section – to the commercial and financial transactions, now labeled Islamic.

These structures aim at equity, justice and social and environmental stability and their thorough knowledge is a precondition for any serious involvement in the Islamic finance industry. The challenge of contemporary Islamic finance is indeed to adapt these structures to the modern requirements without losing their spirit and raison d'etre. From this point of view the use of mutuality and cooperatives frameworks to deliver Islamic financing represents a valid contribution.

In the interest of clarity, each of the entries of this section begins with a document focusing on the features of a specific contractual relation. It then goes on by presenting its current developments and controversies