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Volume :19 Issue : 59 2004      Add To Cart                                                                    Download

The Importance of Documenting Financial Transactions and its Relationship with Islamic jurisprudence

Auther : Prof. Sa’d uddin Mus’ad Hilali

The Importance of Documenting Financial Transactions and its Relationship with Islamic jurisprudence

Prof. Sa’d uddin Mus’ad Hilali

Prof. at Fiqh and Usoul Dept., faculty of Sharia and Islamic Studies, Kuwait University

Being the spirit and the throbbing heart of transactions, trust among parties received the highest level of concern in Islam through urging them to stick to honesty and truthfulness, dispraising deception and lying, legislating some contracts and behaviors that provide transactions with more honesty and safety such as interest-free mortgage, bill exchange and guaranty. Islam also legislated writing down debts and taking witnesses on them and revealed on this issue the verse of debt transactions, the longest verse in the longest Chapter in Al-Qur’an(2:282), to indicate the importance of reliance and trust in transactions among people. These instructions help controlling inclinations of violation, supporting memory not to forget and protecting properties against loss.

For achieving such important goals, Islam has enacted that all transactions, proofs of affirmation, and procedures of confirmation and documentation, that guarantee the rights of the creditor’s rights, has a religious aspect of commitment and accountability, similar - in Islamic legislative nature - to all Islamic agreements and contracts; this adds, no doubt, to its importance and effectiveness.

 

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