This is an extract of our Islamic Contract Law Plan document, which we sell as part of our Islamic Law Notes collection written by the top tier of Oxford students.
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Islamic law - contract law
1. Explain what is meant by the term 'Takaful'.
2. Discuss the position that Islamic Law takes on Insurance contracts.
3. Discuss the rules that need to be established for a legally binding agreement in Islamic Law.
4. Focussing on the Murabahah contract explain how it avoids falling into the prohibition rules with regard to interest.
5. Riba and Gharar in an Islamic contract will mean that the contract is invalidated.
Discuss the validity of this
Q4. PLAN: Refer to what a contract is, refer to murabaha and explain what it is and how it works. Define what Riba is, and explain how a normal credit works and exactly what is not allowed then refer to murabaha There's two parts to this question: - you need to look at the product, what is the product and how it works but implicit with this question is the need to explain what riba is because murabaha is a product specifically defined to circumvent riba. Therefore you must explain what riba is. Structurally start off with riba. Refer to what is considered to be riba, what are the conditions. Look at the categorisations, the different category's of riba you must refer to them. What are these rules? Start off with unjust enrichment, talk about the rationale and the notions that form among unjust enrichment are affirmer to Islamic doctrine. Then explain what riba is: - excess,
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