INTRODUCTION CONTRACT IN ISLAMIC FINANCE

1. SURAH AL-BAQARAH AYAT 282

1.1. WHEN YOU CONTRACT A DEB FOR A SPECIFED TERM, WRITE IT DOWN.

1.2. LET NO SCRIBE WRITE IT BETWEEN YOU IN JUSTICE.

1.3. BUT IF THE ONE WHO HAS THE OBLIGATION IS OF LIMITED UNDERSTANDING OR WEAK OR UNABLE TO DICTATE HIMSELF, THEN LET HIS GUARDIAN DICTATE IN JUSTICE.

1.4. AND BRING TO WITNESS TWO WITNESSES FROM AMONG YOUR MEN.

1.5. AND IF THERE ARE NOT TWO MEN AVAILABLE, THEN A MAN AND TWO WOMAN FROM THOSE WHOM YOU ACCEPT AS WITNESSESS.

1.6. AND LET NOT THE WITNESSESS REFUSE WHEN THEY ARE CALLED UPON.

2. FOUNDATION

2.1. SINCERITY

2.2. HUMAN BEINGS

2.3. SOURCES OF LAW

2.4. KNOWLEDGE

2.5. GOD CONSCIOUSNESS

2.6. BELIEF

3. FORMALITIES OF CONTRACT

3.1. IJAB (OFFER)

3.1.1. MODES OF OFFER

3.1.2. TENSE OF OFFER

3.1.3. COUNTER OFFER

3.1.4. REVOCATION OF OFFER

3.1.5. TERMINATION OF OFFER

3.2. QABUL (ACCEPTNESS

3.2.1. MODES OF ACCEPTNESS

3.2.2. TENSE OF ACCEPTNESS

3.2.3. COMMUNICATION OF ACCEPTNESS