This book considers legal aspects of Islamic finance within the context of a securitisation transaction; and the viability of an Islamic finance securitisation within the context of global finance. The ‘principle-centric’ approach adopted emphasises enquiry into the principles that govern Islamic law of contract and finance and de-emphasise adherence to the current rules. It suggests that whilst the principles remain constant (the general framework), the rules may change and are not ‘carved in stone’. In recognition of the equitable and social aspect of the law – at the root of its legal and judicial aspect – this book undertakes more than just presenting a synthesis of literature on legal aspects of Islamic finance and their comparable equivalent under the common law. It stresses the need for fresh interpretation of the principles examined herein and their contextual application. It goes further to re-examine from fresh angles the textual sources on gharar, riba and bay al dayn (sale of debt/receivables) which are central to Islamic commercial and financial law. In this sense, the book is not merely descriptive, but also prescriptive as to how a certain rule or concept ought to be applied to serve social welfare and economic progress. Available literature and publications do not provide much detail on what Islamic finance really is beyond the hype, jargon and statistics. What makes it substantially different from conventional modes of finance? And what is currently missing, generally or in certain jurisdictions, the presence of which would ensure the sustainability of its development both in product array and market confidence? Therein lies the key to the development of Islamic finance structures and products and this book has suggested answers, albeit non-conclusive, to these questions.