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Research that goes beyond the headline answer.

Papers by Mufti Faraz Adam on the structures, contracts and Shariah reasoning behind contemporary financial questions, and shorter articles.

Islamic Finance & Capital Markets

Bonds, options, swaps, funds, forex and the contracts behind Islamic banking.

10 papers

  1. Making Sense of Riba – The Philosophy Underpinning Riba Essay on the philosophy behind the prohibition of Riba, its types, legal causes and place in Islamic commercial law. 18 May 2025Mufti Faraz Adam
  2. Are Student Loans a Mudharabah (investment contract)? An academic comparison of UK student loans with mudarabah, listing why they are contractually different. 2 August 2021Mufti Faraz Adam
  3. Differences Between Islamic and Conventional Financial Instruments Compares Islamic and conventional financial instruments: money as a medium not a commodity, asset backing, partnership over lending and risk sharing. 2 August 2021Mufti Faraz Adam
  4. Research Paper: Retail Forex Trading: Views from the front lines of Islamic Finance Research paper assessing the Shariah compliance of retail forex trading, the concept of money and each type of forex trade. 27 May 2021Mufti Faraz Adam
  5. Research Paper: Shariah Review of Hedge Funds Research paper finding common hedge fund strategies non-compliant while holding that hedging with compliant instruments can be acceptable. 21 February 2019Mufti Faraz Adam
  6. Research Paper – Measuring Shariah Compliance in Senior & Subordinated Bonds Research paper finding senior and subordinated bonds non-compliant and assessing subordinated Sukuk structures as alternatives. 25 November 2018Mufti Faraz Adam
  7. Research Paper: Shariah Analysis of Options Trading Research paper finding conventional options non-compliant and reviewing alternatives such as Arbun and Khiyar. 24 November 2018Mufti Faraz Adam
  8. Research Paper: Credit Default Swaps: Navigating the cross-section with risk sharing Research paper finding credit default swaps non-compliant due to riba, gharar and gambling, noting Takaful-based credit sharing as an alternative. 20 November 2018Mufti Faraz Adam
  9. Research Paper: Solving the Dynamics of Shariah in ETFs & ETNs Research paper on ETFs and ETNs setting out screening, index-tracking and governance requirements for a Shariah-compliant ETF. 19 November 2018Mufti Faraz Adam
  10. Research Paper: Shariah Analysis of Contingent Convertible Bonds (CoCo) Research paper finding CoCo bonds non-compliant and discussing AT1 Sukuk as an alternative for Islamic banks under Basel III. 11 June 2018Mufti Faraz Adam

Digital Assets

Bitcoin, tokens and initial coin offerings, and whether they are money.

5 papers

  1. Shariah Interpretations of Bitcoin Overview of the main Fiqh interpretations of Bitcoin and the author's conclusion on the strongest view. 2 August 2021Mufti Faraz Adam
  2. A Research Paper on Money and Bitcoin According to Islamic Economics & Islamic Law Research paper concluding Bitcoin fulfils the criteria of currency under Islamic law and economics. 2 August 2021Mufti Faraz Adam
  3. Research Paper: The Shariah Factor in Cryptocurrencies and Tokens Research paper classifying cryptocurrencies and token types, concluding tokens can be Shariah compliant if structured correctly. 28 May 2018Mufti Faraz Adam
  4. Research Paper: Decoding Compliance of Initial Coin Offerings Research paper on Initial Coin Offerings, concluding they can be structured compliantly and proposing Shariah screening criteria. 28 May 2018Mufti Faraz Adam
  5. Bitcoin: Shariah Compliant? Research paper concluding Bitcoin is Māl with legal value but lacks currency attributes and falls short of maqāṣid and Islamic moral-economy ideals. 24 August 2017Mufti Faraz Adam

Zakat & Wealth

How zakat applies to shares, cryptocurrencies and modern holdings.

2 papers

  1. Zakat on share investments: determining a proxy for calculation NZF analysis of the FTSE 100 recommending a 25% proxy (0.625% of total shareholding) for Zakat on listed Shariah-compliant shares. 18 May 2018Mufti Faraz Adam
  2. Research paper: Zakat on Cryptocurrencies Research paper concluding cryptocurrencies bought for resale are Zakatable at market value, as are coin currencies like Bitcoin; tokens depend on their nature. 17 May 2018Mufti Faraz Adam

Ownership, trusts and legal devices: the theory under the rulings.

2 papers

  1. The Fiqh of Hiyal (legal devices and strategems) Book chapter on Hiyal: legal devices, their types and forms, and their role in Islamic finance products. 1 April 2024Mufti Faraz Adam
  2. A Shariah Analysis of Ownership and The Concept of Trusts Treatise on ownership in Shariah, concluding that trusts are valid and their compliance depends on the trust's objectives and deed. 1 February 2018Mufti Faraz Adam

Articles

Shorter pieces: guides, explainers and announcements.

8 articles

  1. The Companions of Imam Abu Hanifah Short biographies of key students of Imam Abu Hanifah, drawn from al-Jawahir al-Mudiyyah. 19 May 2024Maulana Mohammed Aneesur Rahman
  2. Books on Hajj in the Hanafi Madhhab A selected list of published Hanafi works on the rites of Hajj. 7 May 2024Maulana Mohammed Ubaydah Badat
  3. What does the hadith regarding the Quran being revealed in seven ways mean? Explains the hadith of the Qur'an revealed in seven ways as seven Arab dialects, later unified under Uthman. 2 August 2021Mufti Faraz Adam
  4. Can you please explain the seven modes of recital in an easy manner? Explains the seven modes of Qur'an recitation through the analogy of differing English accents. 2 August 2021Mufti Faraz Adam
  5. How should I study? – A guideline for students A study guide for students of Islamic sciences: abstaining from sin, constant effort, and retention. 2 August 2021Mufti Faraz Adam
  6. The Dynamics of a Fatwa Explainer on how a fatwa is derived through fiqh, legal maxims and the mufti's judgement. 2 August 2021Mufti Faraz Adam
  7. What are the differences between the Ash’aris and Maturidis? The twelve doctrinal differences between the Maturidi and Ash'ari schools of creed. 2 August 2021Mufti Faraz Adam
  8. NEW FREE E-BOOK: A Student’s Guide in the Pursuit of Knowledge Announcement of Darul Fiqh's free e-book, A Student's Guide in the Pursuit of Knowledge, for students of the ʿĀlimiyyah course. 2 August 2021Mufti Faraz Adam