Islamic Law of Contract and Transaction | Islamic Finance Lectures | Principles of Contract | Eng

Описание: Islamic law of business contracts and transactions governs economic activities within the framework of Islamic principles and ethics. It addresses muamalat (civil transactions) in general terms as well as "ibṫdძt (devotional deeds and the topics of ritual adherence) in particular.

Here are some key principles that influence business agreements and transactions:

Free mutual consent: Contracts should be formed with the free and mutual consent of the parties involved.
Absence of gharar: Contracts should not involve ambiguity or uncertainty.
Absence of riba: Transactions should not involve interest.
Avoidance of characteristics associated with gambling: Contracts should not resemble gambling or involve speculative elements.
Avoidance of fraud and cheating: Contracts should be devoid of fraud and deceit.
Avoidance of conflicting contracts: It is not acceptable to have two contracts that contradict each other.
Conformity with Shariah goals: Contracts must not conflict with the overarching goals of Shariah.
Acceptance of risk: The ability to make money is contingent upon accepting risk.
Permissibility by default: Anything not specifically forbidden is considered permissible.
Overall, the Islamic law of business contracts and transactions aims to promote fairness, justice, and ethical conduct in economic activities while fostering economic development and social welfare in accordance with Islamic principles and values.


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