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    CH 5 - Islamic Law N Bus. Transactions

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    talhaqm123
    This document discusses key concepts and principles of Islamic law of contracts and business transactions. It covers topics such as ownership of assets and debts, general rules for validity of contracts, definition of related terms like promise and agreement, elements of a contract including parties, offer/acceptance, and subject matter. It also discusses contract types like Salam and Istisna for different goods, as well as broad rules for validity of business deals based on Islamic principles such as prohibition of gharar, riba, maisir and contingent contracts.

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    CH 5 - Islamic Law N Bus. Transactions

    Uploaded by

    talhaqm123
    16 views5 pages
    This document discusses key concepts and principles of Islamic law of contracts and business transactions. It covers topics such as ownership of assets and debts, general rules for validity of contracts, definition of related terms like promise and agreement, elements of a contract including parties, offer/acceptance, and subject matter. It also discusses contract types like Salam and Istisna for different goods, as well as broad rules for validity of business deals based on Islamic principles such as prohibition of gharar, riba, maisir and contingent contracts.

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    Ch 5 - Islamic Law n Bus. Transactions

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    Ch 5 - Islamic Law n Bus. Transactions

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    This document discusses key concepts and principles of Islamic law of contracts and business transactions. It covers topics such as ownership of assets and debts, general rules for validity of contracts, definition of related terms like promise and agreement, elements of a contract including parties, offer/acceptance, and subject matter. It also discusses contract types like Salam and Istisna for different goods, as well as broad rules for validity of business deals based on Islamic principles such as prohibition of gharar, riba, maisir and contingent contracts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    16 views5 pages

    CH 5 - Islamic Law N Bus. Transactions

    Uploaded by

    talhaqm123
    This document discusses key concepts and principles of Islamic law of contracts and business transactions. It covers topics such as ownership of assets and debts, general rules for validity of contracts, definition of related terms like promise and agreement, elements of a contract including parties, offer/acceptance, and subject matter. It also discusses contract types like Salam and Istisna for different goods, as well as broad rules for validity of business deals based on Islamic principles such as prohibition of gharar, riba, maisir and contingent contracts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    Islamic Law of Contracts and Business Transactions

    Maal (Wealth), Usufruct and Ownership General Framework of Contracts Broad Rules for the alidit! of Mu"amalat W"adah (#romise) and Related Matters $!pes of Contract Commutati e and %on&commutati e Contracts Conditional or Contin'ent Contracts
    (slamic Finance, )r* Waheed +khter, COM,+$,, -ahore

    Maal (Wealth), Usufruct and Ownership


    Ownership of +ssets (Milk ul /+in) Ownership of )e0t (Milk ul )a!n) Ownership of Usufruct (Milk ul Manf"at) Fun'i0le and non&Fun'i0le 'oods (1awatul +mthal or Mithli s* 1awatul 2i!am or 2imi) ,alaam for Mithli 'oods (wheat, rice etc*) (stisna for 2imi 'oods ( ehicles etc*)

    (slamic Finance, )r* Waheed +khter, COM,+$,, -ahore

    Definin

    !arious "elated Terms

    Mitha4 5 co enant, firm determination to fulfill contractual o0li'ations +hd or W"adah 5 unilateral or 0ilateral o0li'ation /+4d (Contract) 5 offer and acceptance

    (slamic Finance, )r* Waheed +khter, COM,+$,, -ahore

    #lements of Contract
    Contractin' parties Offer and acceptance ,u07ect matter
    #recise determination #ossession and deli er!

    (slamic Finance, )r* Waheed +khter, COM,+$,, -ahore

    "ules for $alidit% of Mu&amalat


    Free mutual consent #rohi0ition of 'harar + oidin' ri0a + oidin' 2imar and Maisir #rohi0ition of contin'ent contracts Conformit! of contracts with Ma4asid of ,hari"ah #rofits with lia0ilit! #ermissi0ilit! as a 'eneral rule
    (slamic Finance, )r* Waheed +khter, COM,+$,, -ahore 9

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