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Volume :5 Issue : 10 1988      Add To Cart                                                                    Download

CHOICE OF STIPULATION OF TERMS IN

Auther : By: Umar Sullieman Al-Ashgar

 CHOICE OF STIPULATION OF TERMS IN

SELLING TRANSACTIONS AND ITS

APPLICATIONS TO ISLAMIC

BANKS’ TRANSACTIONS

By: Umar Sullieman Al-Ashgar

Faculty of Shari’s

Kuwait University.

This paper has been presented at the first ‘Figh’ Symposium sponsored by Kuwait House of Finance which was held in Kuwait city from Rajab 7 to Rajab 11, 1407-7 March to 11 March 1987.

This paper concentrates on the choice of stipulation of terms rather than on the other choices and concludes with a group of judgments selected by the symposiums papers’ formulation committee and presented in the form of recommendations. Also, the forms of application which can be dealt with in the stipulation of terms were added to the paper. The research offers to banks an alternative of the traditional finance system.

The most important points treated are:-

  1. Definition of choice of stipulation of terms.
  2. Scholars’ creeds, their evidences and the outweighing of their options about its judgment and period of time.
  3. Persons entitled to the type of stipulation of his choice.
  4. Conditions of the genuineness of this type of choice.
  5. Judgment of selling in case the two contracting parties have stipulated in their choice something which is not permissible.
  6. Judgment of selling in case the period of choice expires.
  7. Persons entitled to annual the contract and the owner of sold goods during the period of choice.
  8. How the contracting parties act as concerning sold goods during the period of choice.
  9. Perishing of sold goods during the period of choice.
  10. Juristic “Fighiya” recommendations of the Symposium, concerning choice of stipulations of terms.
  11. Methods of application of the choice of stipulation of terms.

 

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