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Riba and Hadith of Six Commodities

In a previous posting Islamic Legality of FOREX business, the matter of forex transactions was highlighted briefly and since that blog-post, I have been thinking to write on the issue in some detail and therefore undertook a long pending writing commitment which includes my further understanding on the issue from Islamic perspective. In fact, the modern dealings of forex were non-existent during the periods of Fiqh development; the fiat or paper money was also non-existent then, therefore the contract of sarf which governs money matters in Islamic Jurisprudence (Fiqh) is lacking of these facts thus existing Islamic laws on money (sarf) are also deficient needing a rework. The heritage of (Fiqh) is rich enough to offer such possibility for the improvements in legal provisions, such as, the Islamic legal maxim “it is undeniable that rules of law vary with change in time” suits the requirement perfectly, however, it needs to understand the previous work comprehensively before doing any rework. It starts from the hadith of six commodities that was instrumental in the idea of ‘riba al fadl’ and is the origin of the contract of sarf, I have tried to see the noble evidence from a different perspective in this paper titled “Riba and Hadith of Six Commodities”, you can download it from ssrn.com at http://ssrn.com/abstract=1790222

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