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Introduction To Contract Law In Islam
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Introduction To Contract Law In Islam

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An brief introduction to the contract law in Islam, specifically with respect to the conditions and pillars of a basic sale contract.

An brief introduction to the contract law in Islam, specifically with respect to the conditions and pillars of a basic sale contract.

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Introduction To Contract Law In Islam Introduction To Contract Law In Islam Presentation Transcript

  • Introduction to Contract Law in Islam
    Junaid Mirzajunaid@islamicfinanceboard.com
  • Outline
    Definition
    Pillars
    Conditions
    2
  • Constracts / Instruments in Islamic Finance
  • Definition of a Contract
    Islamic Law
    Liguistic: ‘aqd – tying tightly, as in tying a rope
    Legal: an engagement and agreement between two parties in a legally accepted, impactful and binding manner
    Common Law
    an agreement between competent parties, upon a consideration sufficient in law, to do or not to do a particular thing
    Civil Law
    an agreement which commits a person or a group of persons to give something, do something, or refrain from something to another person or group of persons
    4
  • Definition of a Contract of Sale
    … the exchange of an owned commodity for another in a specified manner or the exchange of an owned commodity for another in a beneficial and special manner, excluding unbeneficial exchanges (e.g., exchanging one coin for a similar one) or that which is of no use (e.g., dust, dead animals)
    … the exchange of an owned commodity for another with the exchange of ownership
    5
  • Pillars of a Sale Contract
    Hanafis
    Ijaab – positive proposal
    Qabool – acceptance
    Other jurists
    Parties – buyer and seller
    Object / Subject – what commodity / service
    Price – at what consideration
    Language of the contract – ijaab and qabool
    6
  • Conditions of a Sale Contract
    The Contractor
    Sane and able to run his own affairs
    Legal age is not as important as ability to run affairs
    If ability of a child is in question, sale is valid only in case of purely beneficial dealings
    Multiplicity of contractors (i.e., a single legal proxy cannot conclude on behalf of both parties)
    Exceptions include a father, a legal guardian, or a judge in a court case
    7
  • Conditions of a Sale Contract
    The Contract
    The offer and acceptance must correspond to each other
    The Place
    The acceptance is made in the same ‘session’ as the offer
    8
  • Conditions of a Sale Contract
    The Object
    The object of sale must exist (i.e., cannot sell non-existent objects or objects that may cease to exist)
    The object of sale must be good (i.e., must be beneficial in nature)
    The object of sale must be privately owned and in possession of the seller
    The object of sale must be deliverable at the conclusion of the sale
    9
  • Other Conditions
    The object of sale and the price are known beyond dispute
    The object is made known to the buyer by physical examination or ample description
    The price must not change after the contract has been executed
    The sale is not temporary (i.e., not timed)
    The sale is beneficial
    There are no conditions that may make the contract ‘corrupt’
    The seller has the absolute authority to sell the object
    The contract is executed under mutual consent (i.e., no coercion)
    10
  • Questions?
    11