文章基本信息

标题：Al‑‘aqd Al‑sahih: The Legal Basis for Determining the Validity of Islamic Financial Transactions
本地全文：下载
作者：Abdullahi Saliu Ishola ; Yusuf Abdul Azeez ; Norfadhilah Mohamad Ali 等
期刊名称：International Journal of Economics and Financial Issues
电子版ISSN：2146-4138
出版年度：2016
卷号：6
期号：3S
页码：140-143
语种：English
出版社：EconJournals
摘要：There is no modern activity premised on Islamic Law that does not have a link with one of the traditional practices in the classical Islamic Law society. Failure to find its root in the past may even be a justification for such activity to be rejected as alien to Islamic Law. The contemporary Islamic Financial Transactions (IFT) otherwise referred to as Islamic Banking System (IBS), cannot equally be free from that inevitable litmus test. Consequently, through the principles of al-‘aqd al-sahih (a valid contract) in Islamic Law, the inexplicable requirements for the activities of the Islamic Banking and Finance (IBF) to be Shari‘ah compliant could be more easily and reasonably spelt out while the extent of such a compliance could be clearly assessed. This paper, therefore, examines the role of al-‘aqd al-sahih as the pivotal instrument for validating any IFT and its obligations. Thus, what will make any contract to be invalid in Islamic law is primarily applicable to any IBF transactions in the modern world. The study emphasises the danger in losing the sight of the contractual nature/basis of IBF Transactions and hypothesis that al-‘aqd al-sahih is the pivotal legal basis for the validity of IFT. Keywords: Islamic Financial Transactions (IFT), Islamic Banking and Finance (IBF), al-‘aqd al-sahih , Shari‘ah compliant, Islamic Law JEL Classification: G2
其他摘要：There is no modern activity premised on Islamic Law that does not have a link with one of the traditional practices in the classical Islamic Law society. Failure to find its root in the past may even be a justification for such activity to be rejected as alien to Islamic Law. The contemporary Islamic Financial Transactions (IFT) otherwise referred to as Islamic Banking System (IBS), cannot equally be free from that inevitable litmus test. Consequently, through the principles of al-‘aqd al-sahih (a valid contract) in Islamic Law, the inexplicable requirements for the activities of the Islamic Banking and Finance (IBF) to be Shari‘ah compliant could be more easily and reasonably spelt out while the extent of such a compliance could be clearly assessed. This paper, therefore, examines the role of al-‘aqd al-sahih as the pivotal instrument for validating any IFT and its obligations. Thus, what will make any contract to be invalid in Islamic law is primarily applicable to any IBF transactions in the modern world. The study emphasises the danger in losing the sight of the contractual nature/basis of IBF Transactions and hypothesis that al-‘aqd al-sahih is the pivotal legal basis for the validity of IFT. Keywords: Islamic Financial Transactions (IFT), Islamic Banking and Finance (IBF), al-‘aqd al-sahih , Shari‘ah compliant, Islamic Law JEL Classification: G2