Mutual consent in formation of financial contracts: a juristic analysis

As per the ruling of Islamic law, any kind of exchange in wealth, acquisition, possession, and the like will not be valid unless it is grounded on mutual consent of the contracting parties. This paper aims to study the issue of mutual consent and its function in the formation of contracts from the v...

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Main Authors:	Rahman, Md. Habibur, Amanullah, Muhammad, Osmani, Noor Mohammad
Format:	Article
Language:	English
Published:	Asian Research Consortium 2016
Subjects:	KBP1 Islamic law.Shariah.Fiqh
Online Access:	http://irep.iium.edu.my/55610/ http://irep.iium.edu.my/55610/ http://irep.iium.edu.my/55610/1/Mutual%20Consent%20in%20Formation%20of%20%20Financial%20Contracts%20%28full%20paper%29.pdf

id	iium-55610
recordtype	eprints
spelling	iium-556102017-07-14T01:35:33Z http://irep.iium.edu.my/55610/ Mutual consent in formation of financial contracts: a juristic analysis Rahman, Md. Habibur Amanullah, Muhammad Osmani, Noor Mohammad KBP1 Islamic law.Shariah.Fiqh As per the ruling of Islamic law, any kind of exchange in wealth, acquisition, possession, and the like will not be valid unless it is grounded on mutual consent of the contracting parties. This paper aims to study the issue of mutual consent and its function in the formation of contracts from the viewpoints of prominent Schools of Islamic law. This is a theoretical study and qualitative in nature. Classical sources of Islamic jurisprudence as well as understanding of the primary texts of Islamic law are used as the key tools in the process of drafting this paper. The paper discusses the various ways to express the consent along with the juristic analysis thereof. Also, this study explicates the practices lead to the invalidity of contracts due to lack of demonstration of assent. The paper concludes that no agreement will be considered sound in Islamic jurisprudence unless there is sufficient manifestation of mutual consent of parties concerned in the contract. ________________________________________________________________________________ Asian Research Consortium 2016-04 Article PeerReviewed application/pdf en http://irep.iium.edu.my/55610/1/Mutual%20Consent%20in%20Formation%20of%20%20Financial%20Contracts%20%28full%20paper%29.pdf Rahman, Md. Habibur and Amanullah, Muhammad and Osmani, Noor Mohammad (2016) Mutual consent in formation of financial contracts: a juristic analysis. Asian Journal of Research in Business Economics and Management, 6 (4). pp. 9-26. ISSN 2249-7307 https://aijsh.com/shop/articlepdf/2016/04/14595175842.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP1 Islamic law.Shariah.Fiqh
spellingShingle	KBP1 Islamic law.Shariah.Fiqh Rahman, Md. Habibur Amanullah, Muhammad Osmani, Noor Mohammad Mutual consent in formation of financial contracts: a juristic analysis
description	As per the ruling of Islamic law, any kind of exchange in wealth, acquisition, possession, and the like will not be valid unless it is grounded on mutual consent of the contracting parties. This paper aims to study the issue of mutual consent and its function in the formation of contracts from the viewpoints of prominent Schools of Islamic law. This is a theoretical study and qualitative in nature. Classical sources of Islamic jurisprudence as well as understanding of the primary texts of Islamic law are used as the key tools in the process of drafting this paper. The paper discusses the various ways to express the consent along with the juristic analysis thereof. Also, this study explicates the practices lead to the invalidity of contracts due to lack of demonstration of assent. The paper concludes that no agreement will be considered sound in Islamic jurisprudence unless there is sufficient manifestation of mutual consent of parties concerned in the contract. ________________________________________________________________________________
format	Article
author	Rahman, Md. Habibur Amanullah, Muhammad Osmani, Noor Mohammad
author_facet	Rahman, Md. Habibur Amanullah, Muhammad Osmani, Noor Mohammad
author_sort	Rahman, Md. Habibur
title	Mutual consent in formation of financial contracts: a juristic analysis
title_short	Mutual consent in formation of financial contracts: a juristic analysis
title_full	Mutual consent in formation of financial contracts: a juristic analysis
title_fullStr	Mutual consent in formation of financial contracts: a juristic analysis
title_full_unstemmed	Mutual consent in formation of financial contracts: a juristic analysis
title_sort	mutual consent in formation of financial contracts: a juristic analysis
publisher	Asian Research Consortium
publishDate	2016
url	http://irep.iium.edu.my/55610/ http://irep.iium.edu.my/55610/ http://irep.iium.edu.my/55610/1/Mutual%20Consent%20in%20Formation%20of%20%20Financial%20Contracts%20%28full%20paper%29.pdf
first_indexed	2023-09-18T21:18:35Z
last_indexed	2023-09-18T21:18:35Z
_version_	1777411728554852352

Mutual consent in formation of financial contracts: a juristic analysis

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