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The requirement ofShariah in financial
transaction
Khairuddin Zakaria
[email protected]
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Contract
Contract is:
Conjunction of a proposal or ijaband anacceptance or qabul.
Another definition is: Conjunction of theelements of
disposition, namely, proposal(ijab ) and acceptance (qabul).
Connection between offer and acceptance
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The prerequisites of Shariah contracts
Theprerequisites
of Shariahcontract
SubjectMatter
of contract(Mawdu
Al Aqd)
The twocontracting
parties(Al Aqidan)
Statement ofContract(Sighah)
Use PastTense
Conformationof offer
Andacceptance
Clarity ofofferand
acceptance
Connectionof
acceptanceWith offer
PubertyMale: ejaculateSperms in his
night dreamsFemale:
menstruation
Sanity(Akil)
Maturity((Rushd)
Be legal
KnownTo bothParties
specification
Capability ofa Sub
Matter to behanded
Over/delivery
Must be inexistence
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The prohibitedelements
In Shariahcontracts
Duress (Ikrah)
To force someoneTo do somethingThat he dislikes
Mistake (Ghalat)
An assumption aboutAnything but proves
to be inaccurate
Inequality (Ghubn)
Complete Duress(Ikrah Mulji)(homicide)
Incomplete Duress(Ikrah Ghayr mulji)
Deception(Taghrir)
To induce Con.PartyTo think that the Trans.In his interest
whereas
In fact it is not so.
Insignificantinequality
(Ghubn yasir)Can tolerate
ExcessiveInequality
(Ghubn Fahish)Can not tolerate
Deception related toThe statement(Taghrir qawli)
Deception Relatedto deeds
(Taghrir fili)
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Question 1
What is the definition of a contract?
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A 1
Contract is:
Conjunction of a proposal or ijaband anacceptance or qabul.
Another definition is: Conjunction of theelements of
disposition, namely, proposal(ijab ) and acceptance (qabul).
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Question 2
What is the important condition relating to anoffer and
acceptance?
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A 2
Expressing the mutual consent.
If both offer and acceptance occur, they willhave an effect on
the subject matter involved
.
The effect of the contract will be that theownership will be
transferred.
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Question 3
State two reasons that make a subject matterunsuitable.
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A 3
If a subject matter is not considered property ofvalue to one of
the parties. For instance, the flesh ofa dead animal is not
considered a property of valueto a Muslim.
If a subject matter is not owned by any of theparties, such as
fish in the sea or a bird in the air, itis not a suitable subject
matter for a contract
If a subject matter is forbidden by the Shariah, it isnot
suitable for a contract. For instance, a marriagecontract is not
allowed to be concluded with awoman whom one cannot marry.
Therefore, a manis not allowed to conclude a marriage contract
withhis mother, daughter, and sister among others.
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Question 4
What are the condition of a subject matter?
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A 4
1. Suitability of a Subject Matter for aContract.
2. Being of a Subject Matter Known to
both Parties.
3. Capability of a Subject Matter to beHanded Over.
4. Presence of a Subject Matter at theTime of Contract.
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Question 5
Identify the major prohibited elements in acontract?
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A 5
Duress( ikrah)
Mistake (ghalat/khata): as to parties, subject-matters
Inequality (ghubn): serious and non-seriousghubn
Deception (taghrir): verbal and non-verbaldeception
Illegal goods/assets
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Question 6
What are the conditions of the contractingparties?
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A 6
Two Contracting Parties and TheirConditions
A. Puberty
B. Sanity
C. Maturity
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Thank you
