Ownership Risk in the Perspective of Islamic Law of Contract: Concept and Application on Modern Practices

Wan Ahmad Syafiq Wan Ahmad Ikram(1*)

(*) Corresponding Author


Daman Milkiyyah or ownership risk is an important element in Islamic Law of Contract as there are many implications arising from it. This concept also highlights one of the unique features of Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of this concept may lead people to breaching Shariah principles as well as dealing with non-Shariah compliant transactions. It is the purpose of this paper to shed light on the fundamental concepts of ownership risk and its application on some of modern financial instruments. This work will write down the scattered though of ownership risk which has been discussed by Islamic classical scholars and continued by matching this concept to the existing modern financial instruments. In the end of the paper, we suggest further enhancement in the financial industry to adhere more towards shariah principle.


Ownership, risk, liability, damān

Full Text:



أبو زيد، محمد عبد المنعم، 1996. الضمان في الفقه الإسلامي وتطبيقاته في المصارف الإسلام. المعهد العالمي للفكرالاسلامي ، قاهرة: مصر.

الحقيل، ابن عبد الله ابن محمد، 2011. ربح ما لم يضمن )دراسة تأصيلية تطبيقية). دار الميمان للنشر والتوزيع. رياض: المملكة السعودية.

شبير، محمد عثمان، 2007. القواعد الكلية والضوابط الفقهية في الشريعة الاسلامية.دار النفآس، بيروت: لبنان.

القحطاني، فواز محمد علي فارع، 2013. القواعد والضوابط الفقهية المؤثرة في المعاملات المالية الاسلامية. مؤسسة الرسالة الناشرون. بيروت: لبنان

Brealey, R.A., Myers, S.C. and Marcus, A.J., 2007. Fundamentals of Corporate Finance. McGraw-Hill.

Dusuki, A.W., 2010. Do equity-based Sukuk structures in Islamic capital markets manifest the objectives of Shariah? Journal of Financial Services Marketing, 15(3), pp.203-214.

Laldin, M.A., 2013. Islamic legal maxims & their application in Islamic finance. International Shari'ah Research Academy for Islamic Finance.

Rosly, S.A., 2005. Critical issues on Islamic banking and financial markets: Islamic economics, banking and finance, investments, Takaful and Financial Planning. Dinamas Publishing

Usmani, M.T., 2007. Sukuk and their contemporary applications. Translated from the original Arabic by Sheikh Yusuf Talal DeLorenzo, AAOIFI Shari’a Council meeting, Saudi Arabia.

Article Metrics

Abstract view(s): 719 time(s)
PDF: 1271 time(s)


  • There are currently no refbacks.