FUTURE CONTRACTS UNDER ISLAMIC LAW: DEFERRED PAYMENT AND DEFERRED DELIVERY OF GOODS WITHIN THE CONTEXT OF THE CISG
Abstract
This article examines future contracts (deferred payment and deferred delivery of goods) within the context of Islamic law and the United Nations Convention on Contracts for the International Sale of Goods (the CISG). Although many Muslim jurists have deemed these contracts as forbidden under sharia law, the author finds that future contracts are allowed under certain circumstances, especially when a.) the goods are separate and particular, b.) the goods are delayed due to formalities such as shipping, or c.) when the sold goods will be manufactured by seller.
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2024-10-14
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FUTURE CONTRACTS UNDER ISLAMIC LAW: DEFERRED PAYMENT AND DEFERRED DELIVERY OF GOODS WITHIN THE CONTEXT OF THE CISG. (2024). International Development Planning Review, 23(2), 925-933. https://idpr.org.uk/index.php/idpr/article/view/425