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.

Also try the new Dynamic Views such as Sidebar, Flipcard or Timeslide.
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

Islamic Finance Gateway on Twitter

Loading...
Loading...

2.2.10

The Issue of sequence and Pre-Signingin Contract Execution: A Comparison of Shari'ah Rules and Current Practice

The Issue of sequence and Pre-Signingin Contract Execution : A Comparison of Shari'ah Rules and Current Practice
Assoc. Prof. Dr. Asmadi Mohamed Naim, Islamic Finance and Banking Unit, College of Business, Universiti Utara Malaysia (UUM)
ISRA Research Paper (No. 12/2010)

"Pre-signing refers to the event in which the customer signs a series of Shari'ah transactional documents (including legal documents) at a single sitting; and, thereafter, the bank shall sign the same documents at a separate sitting on a later date. Pre-signing of all the transaction documents is a questionable issue, as it represents a departure from the familiar sequence of offer and acceptance. The aim of this paper is to evaluate the current practices of Islamic banks in conducting pre-signing and analyze the Shariah implications. In doing this, the paper first discusses the pillars of contracts in the Shari'ah and reviews some fatwas on pre-signing. It then shares the findings from a survey conducted on pre-signing practices by Islamic banks in Malaysia. In the analysis section, four situations of pre-signing are highlighted and the Shariah implication of each is discussed."
Share/Bookmark

No comments:

Post a Comment