Question: What made the Islamic financial contract valid and differs to the conventional contracts? (10 marks)

What made the Islamic financial contract valid and differs to the conventional contracts? (10 marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Q:

please answer the questions according the marks that given to each question. 1 . Shariah literally means, 'the straight path to be followed. Al-Qurtubi defines Shariah as the canon of Islamic law-the...

Q:

b) Generally, a valid Shariah contracts is built upon three essential elements; namely (1) the form of the contract, (2) the subject matter of the contract, and (3) the contracting parties. As an...

Q:

currency) will play a dominant role in the world and will - possibly - replace some previously established businesses (if not the whole markets). But - to achieve such a supremacy - changes are...

Q:

QUESTION 1 a) There are several contracts in the Futures Market such as "swap" contracts and futures contracts. Explain the meaning of these two contracts fallowed by an example of each contract. (8...

Q:

a. Umar Fawwaz is planning to do a AirBnb business. He asks for additional capital amounting to RM800,000 from his cousin, Ayra Amanda. Umar Fawwaz and Ayra Amanda are decided to distribute the...

Q:

Note: Please do not copy google's, this is islamic finance subject QUESTION 2 (25 MARKS) Distinguish the risk in banking institutions based on the article Risk Management: Comparative Study between...

Q:

Help correct answers. QU ESTION ON E (a) Alex Kornbo entered into a five year written lease agreement for office premises with Mercy Omagwa. After the end of the lease period, the parties agreed that...

Q:

urgent Question 4 (25 Marks) a. Islamic finance has been growing rapidly since the past decades and gaining in popularity as an alternative to conventional finance and is currently the fastest...

Q:

Question 1 (25 marks) Part A Laboodle Interiors has been hired by HSN to build the interior of its new office space which it will be leasing. HSN specialises in site rehabilitation in the mining and...

Q:

Attached is a case study on "Meezan bank : category leader in Islamic banking" , the knowledge of the case is based on our classroom discussion of the last two weeks. Your task is to read the case...

Q:

s 1-sin x 1 + cos x e-x/2 dx, 0

Q:

1. What are the purposes and uses of the concept of jurisdiction? Why do we limit the courts to which a claim can be taken? 2. Law cases often read like soap operas even as they reveal important...

Q:

9 Three friends sat a Spanish test on the same day. Amina scored 18, Ben scored 37, and Cynthia scored 73%. 25 50 Who had the highest percentage score?

Q:

Niles and Marsha adopted a little boy (a U.S. citizen). They paid $14,500 in 2015 for adoption-related expenses. The adoption was finalized in early 2016. Marsha received $3,000 of employer-provided...

Q:

Li Chen has calculated profitability ratios using data extracted from his client's pre-audit trial balance. He also has the values for the same ratios for the preceding two years (using audited...

Q:

Chesley Company is planning to produce 2,600,000 power drills for the coming year. The company uses direct labor hours to assign overhead to products. Each drill requires 0.6 standard hour of labor...

Q:

The Mistine case provides an example of an international company competing against a well know brand: Avon. It follows the company from small start-up to one of the largest Asian direct sellers. It...

Q:

Ingals Co. issued $10,000 of common stock when the company was started. In addition, Ingals borrowed $20,000 from the local bank on April 1, 2016. The note had an 8 percent annual interest rate and a...

Q:

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

Q:

5. Get a third party to mediate, so that both parties have the opportunity to go back to their original negotiating point that they had before the third party put forward his/her proposal.

Q:

1. Discuss the following statements: a) What we seek to achieve is different from why we seek to achieve it. b) Thoughts are different from what we are thinking about. c) Writing to find out what one...

Q:

2. Provide new information and before 20 seconds have elapsed, add more infor-mation. The initial information will then be lost from memory for most people.