Garba Abubakar

Journal by Garba Abubakar

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An Examination Of Effects Of Options (khiyārāt) In Determining Mutual Consent (taraḍī) In Commercial Transactions Under Islamic Law

Author(s): Idris Musa , Garba Abubakar

In 2021 Journal VoL. 6

By UNIMAID JICOL

ABSTRACTThe foundation of contract in Islamic law is the consent(riḍā) of the contracting parties. This is decreed by theverse in the Glorious Qur’an, surah al-Nisa which says that“O you, who believe, devour not your property amongyourselves by unlawful means except that it is trading byyour mutual consent.” The normal way of consenting tocommercial contracts is through offer and acceptance bythe contracting parties. Similarly, Islamic law provideskhiyārāt (options), some of which are created by parties tothe contract themselves, while others are inherent in thecontract. Options (khiyārāt) are regarded as the rightordained for the contracting parties to either accomplish ordissolve a contract. Therefore, using the doctrinal researchmethodology, the research examined options (khiyārāt)with a view to assessing its impact on the determination ofthe Mutual consent (Taraḍῑ) of the contracting partiesunder Islamic law. The research found that apart from offerand acceptance in a contract, the parties can use khiyarat(options) as a mechanism for the determination of theconsent of the parties in the contract. The researchrecommended that: parties to a contract can utilize or insert the mechanisms of khiyarat options in a particular contractas another way of ascertaining the consent or otherwise