Goods/Commodity (Maal/Amwal)

This entry defines the term goods/commodity (maal, amwal—plural form) from an Islamic finance perspective. The definition of the term has slightly changed throughout the history, depending on the priorities of the markets and of the consumers. Based on the changes in the definitions, the scope of Islamic rules and regulations regarding the usage and consumption of goods and commodities has also changed. Because Islamic finance is regulated by some ethical principles, the scope of permissibility affects the definition of the economic and financial mechanisms; what is permissible and what is not under Islamic law heavily depends on the definition of goods and commodities.