Voidable Financial Contracts (‘Uqud Fasidah) And The Rectification Mechanisms: A Fiqh Juristic Review

Hussein 'Azeemi  Abdullah Thaidi; Muhammad  Farooq; Muhammad Firdaus  Ab Rahman; Huzaifa Aliyu  Jangebe

doi:10.33102/jfatwa.vol29no2.560

Authors

Hussein 'Azeemi Abdullah Thaidi Institut Fatwa dan Halal (IFFAH), Universiti Sains Islam Malaysia (USIM)
Muhammad Farooq Ambitious College, Pears Campus at CONEL, London, United Kingdom
Muhammad Firdaus Ab Rahman Institut Fatwa dan Halal (IFFAH), Universiti Sains Islam Malaysia (USIM)
Huzaifa Aliyu Jangebe Department of Islamic Studies, Faculty of Humanities, Federal University Gusau, Zamfara State, Nigeria

DOI:

https://doi.org/10.33102/jfatwa.vol29no2.560

Keywords:

Rectification mechanism, voidable contracts, Islamic finance, Islamic banking

Abstract

This article conducts a meticulous library research methodology to delve into the intricate domain of voidable financial contracts ('uqud fasidah). It carries out an in-depth analysis of the mechanisms for rectification proposed by classical fiqh jurists. Focusing on the jurisprudential nuances of the major four mazhabs, the study scrutinizes factors rendering contracts voidable, among others, coercion, riba, ambiguity (gharar), and other complexities. By dissecting the mechanisms of rectification and their interpretation proposed by the fiqh jurists, the article uncovers the methods by which voidable contracts can potentially be salvaged. By deciphering the rich legacy of fiqh jurisprudence, this article contributes to a deeper comprehension of the legal strategies available for rectifying voidable financial contracts in modern Islamic finance context.

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