IMU151 Fiqh Muamalat UITM Assignment Sample Malaysia

IMU151 Fiqh Muamalat is a wonderful and insightful course that seeks to equip its students with an understanding of the legal and ethical principles underpinning contemporary business, finance and other related practices. An in-depth exploration and analysis of the Quranic principles, prophetic teachings and scholarly interpretations are used as the basis for examining modern-day complex issues such as contracts, trade, investment mortgage, insurance operations and numerous other topics relevant to current corporate behaviors.

Students will enter into an extensive discussion on how to identify possible conflicts between Islamic principles and economic activities, leaving them with a greater understanding of the application of Sharia law in making decisions in a globalized economy.

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Here, we offer various assignment activities for you to complete. These are:

Assignment Activity 1: Explain the contract of sales, its legal evidence, pillars, and conditions.

A contract of sale is a formal agreement that confirms the exchange of goods, services, or property. Its legal evidence is an essential document to demonstrate an agreement between two parties that binds them to its terms and conditions. This evidence should be in written form and signed by both parties. It outlines the seller’s responsibilities, such as delivering what was agreed upon and the buyer’s responsibility of paying for it.

The pillars or main elements of a contract are offer, acceptance, consideration (money exchanged for something of value), intention to create legal relations and capacity of each party involved. Furthermore, there may be specific conditions within a contract that must be met prior to its enforcement. These conditions can explain when and how payments are made, examine warranties attached to any goods bought or sold, as well as taking into account any other necessary factors related to the agreement.

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Assignment Activity 2: Identify the common types of sale contracts in fiqh muamalat.

In Fiqh Muamalat, there are several types of sale contracts that could be utilized, the most common being Barter (Mu’amalat Qirad), Sale and Exchange (Mukhatarah) and Credit Sale (Bay’ al-Ayn bi al-Dayn). Barter is where goods or services are exchanged for other goods or services without money being used. Sale and Exchange is a type of contract where goods are sold in exchange for money or other terms agreed on between the two parties such as delayed payment, installment plan etc.

Lastly, a Credit Sale is when both parties agree with deferred payment according to the terms agreed at the time of reading the contract. Each form of sale contract outlined above seeks to ensure fairness between both parties while in the midst of an economic transaction.

Assignment Activity 3: Discuss the juristic views in relation to the legality of the sale contracts.

Sale contracts represent a binding agreement between two parties and are generally considered valid within the eyes of the law. Jurists have long debated whether certain contractual procedures qualify as legally-binding exchanges, or if certain conditions make such contracts illegal. Generally, for a sale contract to be legally binding, both parties must exhibit intent to complete an exchange, offer value of consideration in some form, and reach a mutual agreement on details surrounding the proposed deal.

When any of these conditions fail to be met – due to either neglect or miscommunication – the legality of the sale contract may be disputed in court. While there are many complexities associated with sale contracts, they remain a valuable way for two entities to engage in commercial transactions as long as all legal conditions are met by both parties.

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