The conception of "contract as promise"~ or what is sometimes called the 11 See miy "Contracts in Islamic Law: The Principles of Commutative justice and. This concept also highlights one of the unique features of. Islamic Law of Contract which promotes justice in transactions. The lack of a proper understanding of  Under an ʿārīyah contract, a Muslim may pay a debt by allowing his debtor to use, Sharīʿah, the fundamental religious concept of Islam—namely, its law.

Saifullah joined the Sharia'a Coordination Department of Dubai Islamic Bank in May 2007 and was part of the Sharia'a structuring and documentation team under the guidance of Dr. Hussain Hamid Hassan. Saifullah is currently performing his duties as an Assistant Vice President of Dar Al Sharia'a (a subsidiary of Dubai Islamic Bank). Itposits that the Islamic Law of contracts may need further development in the area of fraudand deceit, particularly as it relates to securities transactions, which inherently havecontractual implications. It is surmised that the Islamic Law of contracts presently does notgive a cohesive approach to these areas. Generally Islam permits trade and commerce and the contracts that are applied thereto are termed muamalat in the Shariah. Muamalat are civil contracts and all civil contracts can be used in Islamic banking and finance. An Islamic marriage is considered both a mutual social agreement and a legal contract. Negotiating and signing the contract is a requirement of marriage under Islamic law, and certain conditions must be upheld in order for it to be binding and recognized. Nikah, with its primary and secondary requirements, is a solemn contract. By incorporating the concept of Tabarru’ , where no return is expected, the elements of uncertainty and gambling in the Takaful contract are minimized and the social cooperation promoted by Islamic teachings is respected. The Tabarru’ clause is included for all members in participating in a Takaful scheme. Marriage is a great virtue and a means of salvation in our religion (Islam). It is our religious duty and a moral safeguard. Marriage is a contract made by male and female to live together as wife and husband and a tie that strengthen their relationship. It is because of this holy tie that families are established in our societies and communities. The majority of the Islamic jurists agree that there are four pillars in rahn concept, as follows; 1. Offer and acceptance (sighah) 2. Parties in the rahn contract (rahin and murtahin – the person who provides the collateral and the person who receives the collateral) 3. Collateral asset (marhun) 4. The debt itself (marhun bih)

By incorporating the concept of Tabarru’ , where no return is expected, the elements of uncertainty and gambling in the Takaful contract are minimized and the social cooperation promoted by Islamic teachings is respected. The Tabarru’ clause is included for all members in participating in a Takaful scheme.

1 Dec 2014 Futures and forward contract are defined as a binding contracts to buy or sell underlying assets either commodities assets or financial assets on  application of promise can be seen in several Islamic transaction concepts contract. Besides, the paper will also highlight the concept of Wa'd in contemporary. Thus, in Islamic law the concept of contract does not only apply between two parties but also unilaterally (Wahbah al-Zuḥaylī,. 1992: 74). The word “tabarrū'” (   The Islamic Law texts do not set out an all-embracing theory of contract law has become accepted, meaning that, in general, the parties to a contract are free to  There is no Christian law of contract, for example, no Christian law of property, has practically no concept of legal personality.9 As regards the distinction 

Contract in Shari’ah, Aqd, means a tie or a knot binding two parties together. The contract is a declaration of offer and acceptance. Unlike English law which developed through the work of judges, Islamic law of contract developed through the work of Fugaha (jurists), based on the principle laid down by the Quran and the narrations from the Prophet (P.B.U.H).

Murabaha is an Islamic contract for a sale where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In Islamic banking it has become a term for financing where the bank buys some good (home, car, business supplies, etc.) at the request of a customer and marks up the price of that good for resale to the customer (with the difference clearly stated Salam contract is a sale contract whereby the purchaser pays the price in advance and the delivery of subject matter is postponed to a specified time in future”. Salam in Islamic banking may also be defined as: “A type of sale in which the seller undertakes to supply goods at a future date, against an advanced spot price, paid fully in cash”. Islamic Law of Contracts Islamic Law of Contracts All the five schools of fiqh concur that marriage is performed by the recital of a marriage contract which contains an offer made by the bride or her deputy (na'ib), such as her guardian or agent (wakil), and a corresponding acceptance by the groom or his deputy.A mere agreement without the recital of the contract does not amount to marriage. A socio-economic relationship is a contract, and contracts in Islam are legally binding on all parties to the contract. If promises made by all parties in a contract are fulfilled in letter and spirit in a timely manner, the contract becomes trustworthy and the relationship flourishes. Consent is the essential of contract; where there is no consent there is no agreement and the consent should be free. Illustration. The contract of marriage must be based on the free consent of parties, if the consent is not free the marriage is not valid under Islamic Law. According to the Hanbali and the Hanafi schools, if a clause is included in the contract giving a choice to the bride and the groom to annul the contract. The contract is valid but the condition is void.

The conception of "contract as promise"~ or what is sometimes called the 11 See miy "Contracts in Islamic Law: The Principles of Commutative justice and.

Much of Islamic economics and finance is based on contracts between two or more parties. Whether it is a contract to purchase goods or a contract to make a loan, one needs to understand the concept of contract in Islam and how/if it differs from the one we see in the man-made law. Trade unions are established to protect the rights of the worker. Whilst in Islam, only the Islamic State is allowed to protect worker's rights. It is not allowed for Muslims to participate in such 'industrial action'. However, this is the normal way of settling disputes in a Capitalist system. Pre-Islamic contracts Contract in Islam is an engagement and agreement between two or more parties in a legally accepted, impactful and binding manner. Islamic commercial law consists of many different types of contracts to suit different needs and circumstances; the legal relationship in these contracts involves a bilateral declaration from which flow legal consequences with regard to the subject matter and the price. Murabaha is an Islamic contract for a sale where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In Islamic banking it has become a term for financing where the bank buys some good (home, car, business supplies, etc.) at the request of a customer and marks up the price of that good for resale to the customer (with the difference clearly stated Salam contract is a sale contract whereby the purchaser pays the price in advance and the delivery of subject matter is postponed to a specified time in future”. Salam in Islamic banking may also be defined as: “A type of sale in which the seller undertakes to supply goods at a future date, against an advanced spot price, paid fully in cash”. Islamic Law of Contracts Islamic Law of Contracts All the five schools of fiqh concur that marriage is performed by the recital of a marriage contract which contains an offer made by the bride or her deputy (na'ib), such as her guardian or agent (wakil), and a corresponding acceptance by the groom or his deputy.A mere agreement without the recital of the contract does not amount to marriage.

of Islamic law. Indeed nominate contracts were depicted in concise terms but the basic concept of contracting remained unspecified. The reason is that Islamic 

According to the Hanbali and the Hanafi schools, if a clause is included in the contract giving a choice to the bride and the groom to annul the contract. The contract is valid but the condition is void. Saifullah joined the Sharia'a Coordination Department of Dubai Islamic Bank in May 2007 and was part of the Sharia'a structuring and documentation team under the guidance of Dr. Hussain Hamid Hassan. Saifullah is currently performing his duties as an Assistant Vice President of Dar Al Sharia'a (a subsidiary of Dubai Islamic Bank). Itposits that the Islamic Law of contracts may need further development in the area of fraudand deceit, particularly as it relates to securities transactions, which inherently havecontractual implications. It is surmised that the Islamic Law of contracts presently does notgive a cohesive approach to these areas. Generally Islam permits trade and commerce and the contracts that are applied thereto are termed muamalat in the Shariah. Muamalat are civil contracts and all civil contracts can be used in Islamic banking and finance. An Islamic marriage is considered both a mutual social agreement and a legal contract. Negotiating and signing the contract is a requirement of marriage under Islamic law, and certain conditions must be upheld in order for it to be binding and recognized. Nikah, with its primary and secondary requirements, is a solemn contract.

application of promise can be seen in several Islamic transaction concepts contract. Besides, the paper will also highlight the concept of Wa'd in contemporary. Thus, in Islamic law the concept of contract does not only apply between two parties but also unilaterally (Wahbah al-Zuḥaylī,. 1992: 74). The word “tabarrū'” (   The Islamic Law texts do not set out an all-embracing theory of contract law has become accepted, meaning that, in general, the parties to a contract are free to  There is no Christian law of contract, for example, no Christian law of property, has practically no concept of legal personality.9 As regards the distinction  The Concept of law of gift inter vivos under Islamic law and the contracts act, difference between the two is that Islamic law of hibah is a unique contract but is