PARTNERSHIP AND PROFIT SHARING IN ISLAMIC derives from juristic sources of the four principal schools of Islamic Law, the principles which are to govern participatory finance and joint ventures. These principles provide the legal foundations on which banking and financial intermediation can be recognized in a modern Islamic economy. The rights and duties of a financial intermediary, the application of Mudarabah to industrial enterprise and the feasibility of time-bound Mudarabah contracts are some of the issues relevant to contemporary practice of Islamic banking and finance dealt with in the light of fiqh. lt. is a valuable contribution to the literature on Islamic economics because it throws lucid light on the framework of economic institutions within which economic operations should take place in Islam. It aims to introduce the economist , who does not have access to the original Islamic sources in the Quran Sunnah and Fiqh, to the legal framework on which economic institutions are built.

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