Welcome to the Islamic Finance Resources blog, a grassroots initiative started by industry professionals and supported by practitioners from around the globe.

We constantly update this site and its overall content, and encourage you to use the various navigation tools available and welcome your feedback and comments.
A few of the resources that you can find in this site:
- DFSA: Islamic Finance Handbooks
- Ernst & Young: Islamic Funds Report
- Funds@Work: Network Analysis Among Sharia Scholars v 4.0
- IFSB-IRTI-IDB Islamic Finance and Global Stability Report
- ISRA: ISRA Journal - Volume 1
- Sukuk Reports: I, II, III, and IV
Much more available under 'Industry Reports' and 'Academic Papers' (right hand side menus)

Islamic Finance in the News

Islamic Finance in Blogs

Loading...
Loading...
Loading...

Islamic Finance Gateway on Twitter

29.1.09

The Concept of Promise and Bilateral Promise in Financial Contracts : A Fiqhi Perspective

The Concept of Promise and Bilateral Promise in Financial Contracts : A Fiqhi Perspective
Assoc. Prof. Dr. Mohamad Akram Laldin, Executive Director, ISRA
ISRA Research Paper (No. 4/2009)

"The topic of promises needs clarification and precise determination. It is vitally important because promises are relevant to a great number of contemporary issues. The paper thus reviews the types of promises in the Shari’ah and juristic opinion as to whether promises are legally binding. It concludes by highlighting nine (9) Shariah parameters that must be applied in allowing promises. It argues that if fulfilling promises is a binding obligation, then promises should be not be used indiscriminately; rather, parameters must be laid down to govern their use. Among the suggested parameters are that promises should not displace and impede the objectives of contracts. For example, partnership contracts are intended to make the contracting parties share in the profit and loss; therefore, promises should not be used to negate this essential feature. For the remaining 8 parameters, download the paper!"
Share/Bookmark

No comments:

Post a Comment