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Islamic Finance by Keon Chee, Daud Vicary Abdullah

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COMMONLY USEDISLAMIC FINANCE CONTRACTS

Let us next briefly examine the most commonly-used Islamic finance contracts from the standpoint of a typical consumer. Each contract will be discussed in greater detail in later chapters.

As consumers, we need to make financial transactions, some of which are shown in Figure 4.2 overleaf. For any of these financial transactions to be completed, contracts have to be drawn up and signed, and obligations, fulfilled.

Observing legal formalities with Islamic finance contracts is no different. In fact, Islamic finance contracts are often more strict in their requirements. Figure 4.3 overleaf shows some of the main Islamic finance contracts—in their Arabic terms—that are available based on various consumer transactions, ...

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