Khiyar Al-Majlis (Option of Withdrawal before Parting) in Sale Contract, Contemporary Applications
Journal Title: Türkiye islam iktisadı dergisi - Year 2017, Vol 4, Issue 2
Abstract
This paper aims to study and analyze the notion of khiyar al-majlis from the viewpoints of prominent Schools of Islamic law. Khiyar al-majlis refers to an option for both contracting parties either to revoke or to continue with the contract before departing from the contracting session. This option is made lawful in Islamic law to ensure the absolute consent of the parties to the agreement and to give them adequate time to think carefully about the conclusion of the contract. However, the Hanafi and Maliki Schools do not advocate khiyar al-majlis, they advocate khiyar al-qabul (option of acceptance) instead. This study prefers the validity of khiyar al-majlis and discusses its applications. This is a qualitative study and classical references of the prominent Schools of Islamic law have been employed as the primary sources of the study. The study posits that in the case of a face to face contract khiyar al-majlis might be practical. But, in the case of online or distant contracts it is not practical because it would be difficult to determine whether the parties are continuing the session or not. Thus, in online contracts khiyar al-qabul is more practical and hence after making an offer and acceptance the contract is concluded, though the contracting session is prolonged.
Authors and Affiliations
MD Mahbubur Rahman, Muhammad Amanullah, Mohammad Mohiuddin
Keywords
Related Articles
- EP ID EP300544
- DOI 10.26414/tujise.2017.4.2.37-50
- Views 113
- Downloads 0
THE CONTRIBUTION OF W AQF INSTITUTIONS IN MALAYSIA AND TURKEY IN IMPROVING THE SOCIO-ECONOMIC CONDITIONS OF THE SOCIETY
It has been widely acknowledged that waqf institutions play an important role in the socio-economic development of the Muslim Ummah in the Islamic history. This paper elaborates the contribution of selected waqaf entitie...
UNGKU AZIZ’S PERSPECTIVE ON ‘DEVELOPMENT’
This paper explores some key insights and lessons from Royal Professor Ungku Abdul Aziz bin Ungku Abdul Hamid (born 1922 – present), a celebrated academician in Malaysia, on development. Drawing from Ungku Aziz’s main ar...
Market for Lemons and Cigarettes: An Islamic Perspective on Market Failure and a Lesson for Eliminating Interest from Economy
The existence of interest and interest based institution in a market economy is in fact a market failure which remains unrecognized even by such Nobel Laureates who have been awarded Nobel Prizes on their research on cap...
ONE OF THE MILESTONES OF ISLAMIC ECONOMICS: ABU YUSUF AND HIS ECONOMIC THOUGHT
Abu Yusuf (729-798), was born in Kufa. He, who had be lived in the last quarter of the eighth century; is one of the most efficient personalities of Islamic Civilization. Abu Yusuf; within of Hanafi school who is the one...
Does Consumer Innovativeness Matter? Predicting Customer Behaviour of A New Financial Architecture
Although the benefits of the marriage between Islamic principles of Shari’ah and financial services as a new financial architecture have been well documented, however, its adoption within the industry’s core markets was...