Modern Application of the Sharī‘ah Maxim “In Contracts Objectives are Considered not Words” to Financial Transactions
Abstract
This research explains modern application of the sharī‘ah maxim “In contracts objectives are considered not words” to financial transactions. According to this maxim, intentions and objectives play an essential role in the legitimacy of contracts, because the validity of contracts depends on the intentions and objectives of the contractor. For this reason, classical Muslim jurists paid special attention to the above-mentioned maxim while interpreting and deriving legal rules of Islamic financial law. Moreover, they solved many legal matters based on the said maxim. This research work also elaborates modern financial transactions, which relate to this maxim. The method of discussing such issues is to examine the facts of a matter and then decide about its legal status in light of the Qur’ān, the sunnah of the Prophet (peace be on him), and the opinions of Muslim jurists.
Keywords
Legal Maxim, Intentions, Objectives, Contract, Financial Matters
It is a condition of publication in this journal that authors assign copyright or license publication rights of their articles to the Islamic Research Institute, International Islamic University,Islamabad. This enables IRI to ensure full copyright protection and to disseminate the article, and of course the journal, to the widest possible readership in print and electronic formats as appropriate. Furthermore, the authors are required to secure permission if they want to reproduce any figure, table, or extract from the text of another source. This applies to direct reproduction as well as "derivative reproduction" (where you have created a new figure or table which derives substantially from a copyrighted source).
