Indonesia Conference Directory


<< Back

Deemed consent in Islamic contract: Shariah Analysis and Application in Islamic Banks
Muhammad Izzam Bin Mohd Khazar (a), Muhammad Muzzammil Bin Abdullah (b), Nik Azizu Bin Nik Abdullah (c)

Shariah Management of Maybank Islamic Berhad Malaysia


Abstract

Deemed Consent – a unique concept or feature in an agreement – refers to under what conditions a contract will be legally accepted and completed in certain circumstances by the contracting parties. This concept is important to ensure the banks contract can be deemed as valid even without the consent of the customer. In principle, a contract is not deemed as a valid contract until an offer is accepted by the contracting parties. In fact, deemed consent element also has been practised and embedded in number of banks products and services. However, until now there are no conclusive fatwas or resolutions from Shariah scholars on that concept. Moreover, there are no guidelines or parameters developed by the central bank or IFI itself to govern the implementation of deemed consent. Does deemed consent considered as Shariah compliant concept? Does deemed concept fulfil all the required pillars and conditions of Shariah contracts? Does the current practice of deemed consent can be justified as acceptable according to the Shariah requirement? Does deemed consent have a certain limitation of time to ensure it complies with the Shariah and can be legally enforced? Hence, this paper aims to answer these questions as a guide for any industry players to adapt this concept into their products and services. Shariah deliberation in deemed consent is important to avoid any dispute occurred later that can give a negative impact to both contracting parties.

Keywords: Acceptance, Islamic Contract, Deemed Consent, Shariah Requirement, Silent Agreement

Topic: International Conference on Islamic Studies in the Digital Era

Link: https://ifory.id/abstract/7cnumpdzf2Ex

Conference: The 3rd International Conference on Sustainability and Innovation (ICoSI 2019)

Plain Format | Corresponding Author (Muhammad Izzam Bin Mohd Khazar)

Featured Events

<< Swipe >>
<< Swipe >>

Embed Logo

If your conference is listed in our system, please put our logo somewhere in your website. Simply copy-paste the HTML code below to your website (ask your web admin):

<a target="_blank" href="https://ifory.id"><img src="https://ifory.id/ifory.png" title="Ifory - Indonesia Conference Directory" width="150" height="" border="0"></a>

Site Stats