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Asian Journal of Research in Business Economics and Management
Year : 2016, Volume : 6, Issue : 4
First page : ( 9) Last page : ( 26)
Online ISSN : 2249-7307.
Article DOI : 10.5958/2249-7307.2016.00030.X

Mutual Consent in Formation of Financial Contracts: A Juristic Analysis

Md. Rahman Habibur*, Amanullah Muhammad**, Osmani Noor Mohammad***

*Ph. D Researcher, Department of Fiqh and Usul al-Fiqh, International Islamic University, Malaysia

**Professor, Department of Fiqh and Usul al-Fiqh, International Islamic University, Malaysia

***Associate Professor, Department of Qur'an and Sunnah Studies, International Islamic University, Malaysia

Online published on 4 April, 2016.

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.

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Keywords

Mutual Consent, Contracts, Juristic Analysis, Islamic Law.

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