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Mutual consent in formation of financial contracts: a juristic analysis

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

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Abstract

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. ________________________________________________________________________________

Item Type: Article (Journal)
Additional Information: 3031/55610
Uncontrolled Keywords: Mutual consent, contracts, juristic analysis, Islamic law.
Subjects: K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Arabic Language and Literature
Depositing User: Prof Muhammad Amanullah Amanullah
Date Deposited: 28 Feb 2017 16:47
Last Modified: 14 Jul 2017 09:35
URI: http://irep.iium.edu.my/id/eprint/55610

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