IMU451 Fiqh Muamalat UITM Assignment Sample Malaysia

IMU451 Fiqh Muamalat is a course designed to provide an understanding of Islamic commercial transactions and matters related to finance trade, and economical aspects. It seeks to explore the roles, responsibilities, and rules of trade according to Islamic teachings. Through this module, students can identify various elements that influence decision-making in various socio-economic transactions.

Additionally, suitable strategies and solutions will be provided for daily issues related to these topics. Therefore, IMU451 Fiqh Muamalat is an important platform for learning all about Islamic economic systems.

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In this segment, let’s explore various assignment briefs. We will discuss the following:

Assignment Brief 1: Explain the discipline of fiqh muamalat, its development and the major school of thought in Islamic business transactions.

Fiqh muamalat, also known as Islamic jurisprudence for business transactions, is an essential area of the Islamic law. This discipline has developed from early jurists’ efforts to define rules and regulations in the transactions of goods and services between individuals or entities. The concept of fiqh muamalat is based on several fundamental principles rooted in Sharia such as fairness, integrity and prevention of any forms of abuses and exploitation.

To guide religious rulings on business matters, the major schools of thought within fiqh include the Shafi’i-Hanfi-Maliki school developed in the 8th century, the Hanbali school developed in the 10th century, and the Ja’fari school developed in 17th/18th century by modern Shia jurists. These schools introduced new perspectives into Islamic business transactions that allowed a population to conduct an even wider range of activities than before. Through centuries devoted dedication to this field from multilingual experts from around the world, these schools help shape what are accepted standards for lawful trading up until this day.

Assignment Brief 2: Elucidate the concept of mal (property), milk (ownership) and contracts (aqad) in Islamic business transactions.

Islamic business transactions are rooted within a sophisticated system of values, principles and processes that form the foundation of social, economic, and legal organization. The concept of mal (property) is the main source at the heart of Islamic business transactions. According to the Shari’ah, using the principle of ownership (milk), the property is divided into two kinds: real estate that has an unequivocal material existence; and all other property that can be owned but not physically possessed, such as shares in a company.

Contracts (aqad) also play an integral role in Islamic business transactions and serve as a means to form agreements between parties negotiating individual or collective obligations. In turn, contracts legally bind all individuals involved to abide by conditions outlined within them. Overall, understanding each aspect associated with mal, milk and contracts in relation to Islamic business transactions is essential for those involved in Islamic banking and finance.

Assignment Brief 3: Discuss the impediments to contracts, rights of option (khiyar) and termination of contracts in Islamic business transactions.

Islamic business transactions place a strong emphasis on enforcing contractual obligations and guaranteeing contractual stability. However, there are certain impediments to the enforcement of contracts that must be considered when engaging in these types of arrangements. This includes occurrences like changes in market demand and uncertainties related to the performance of the agreement by either party. Additionally, Islamic law allows for a right of the option (khiyar) under certain circumstances such as if one discovers an issue with the goods or there is an unavoidable increase in any part of the price of goods purchased.

This allows both parties to negotiate, renegotiate or even terminate the contract without repercussions such as payment of damages unless it is found that any action was taken with clear intentions to harm one’s partner. Similarly, termination itself can occur without fault if due performance becomes impossible due to external factors or if the subject matter is destroyed before completion. It is important to be aware of these cases so that Islamic business transactions can be properly structured and executed.

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