Theory of Islamic Contract
FIQH FOR ECONOMISTS I
ECON 3510
GROUP ASSIGNMENT
THE THEORY OF CONTRACTS
MEMBERS
MOHD AMINUL HAKIM BIN HANI SALMAN 1124539
AHMAD ZUBAIDI BIN MAHMUD 1127783
AHMAD SYAHIR BIN MOHD ZAKARIA 1123419
SITI SHARINA BINTI SEMAN 1120902
NURHANI BINTI ABDUL RAHMAN 1118618
NURASHIKIN BINTI MOHD PILUS 1125834
INTRODUCTION
Basically, human beings are dependent with each other to fulfil their needs and wants. We need to interact, communicate, trade and collaborate with others. Specifically ‘aqd or contract means a connection of the words of one party (ijab) with the words of the other party (qabul) which constitutes legal implication on the subject matter. In term of sale contract, the contract made by contracting parties is somehow a habitual obligation of humans to be fulfilled in order to make a valid agreement of exchanging goods. As it is stated in the Al-Quran,
Translation: O you who have believed, fulfil [all] contracts. Lawful for you are the animals of grazing livestock except for that which is recited to you [in this Qur 'an] - hunting not being permitted while you are in the state of ihram. Indeed, Allah ordains what He intends.
Human are not self-sufficient to fulfill all their needs by their own, without any help from others. Humans need to do some trading, interaction, cooperation among each other. Human needs to trade in what he has to acquire, what he needs but he does not have. With this method they will be able to fulfill their mutual economic needs. As emphasized by The Quran, the sanctity of private ownership strongly forbids devouring others’ properties in unlawful ways.
“O ye who believe! Do not devour your property among yourselves unlawfully, but let there be among you trade by mutual consent”. (4:29)
Verses 4: 160-161 states: “For the iniquity of the Jews We made unlawful for them certain (foods) good and wholesome which had been lawful for them; in that they hindered many from Allah’s way (160). That
ECON 3510
GROUP ASSIGNMENT
THE THEORY OF CONTRACTS
MEMBERS
MOHD AMINUL HAKIM BIN HANI SALMAN 1124539
AHMAD ZUBAIDI BIN MAHMUD 1127783
AHMAD SYAHIR BIN MOHD ZAKARIA 1123419
SITI SHARINA BINTI SEMAN 1120902
NURHANI BINTI ABDUL RAHMAN 1118618
NURASHIKIN BINTI MOHD PILUS 1125834
INTRODUCTION
Basically, human beings are dependent with each other to fulfil their needs and wants. We need to interact, communicate, trade and collaborate with others. Specifically ‘aqd or contract means a connection of the words of one party (ijab) with the words of the other party (qabul) which constitutes legal implication on the subject matter. In term of sale contract, the contract made by contracting parties is somehow a habitual obligation of humans to be fulfilled in order to make a valid agreement of exchanging goods. As it is stated in the Al-Quran,
Translation: O you who have believed, fulfil [all] contracts. Lawful for you are the animals of grazing livestock except for that which is recited to you [in this Qur 'an] - hunting not being permitted while you are in the state of ihram. Indeed, Allah ordains what He intends.
Human are not self-sufficient to fulfill all their needs by their own, without any help from others. Humans need to do some trading, interaction, cooperation among each other. Human needs to trade in what he has to acquire, what he needs but he does not have. With this method they will be able to fulfill their mutual economic needs. As emphasized by The Quran, the sanctity of private ownership strongly forbids devouring others’ properties in unlawful ways.
“O ye who believe! Do not devour your property among yourselves unlawfully, but let there be among you trade by mutual consent”. (4:29)
Verses 4: 160-161 states: “For the iniquity of the Jews We made unlawful for them certain (foods) good and wholesome which had been lawful for them; in that they hindered many from Allah’s way (160). That
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