Unilateral and Bilateral Promise - Appendix B - The Shariah Basis for the Standard

Transcription

1. Shari ’ah Standard No. (49): Unilateral and Bilateral Promise Appendix (B) The Shari’ah Basis for the standard The International Islamic Fiqh Academy resolved: “In situations where a sale contract cannot be concluded because the seller does not own the commodity and there is a public interest in obligating both parties to sign a contract in the future by virtue of law or otherwise, or according to international norms and customs, as in the case of opening letters of credit for importing goods, bilateral promise can be made binding to the two parties”. [Resolution No. (157) 6/17 on Bilateral Promise and Collusion in Contracts (Islamic Fiqh Academy Magazine), Issue No. (17), Vol. 3, (P. 681)] 1172