Instruments for post-contract opportunism in Islamic law

Occupation: Professor of the Department of Economic Theory and Entrepreneurship, Chechen State University; Professor of the Department of Legal Disciplines, Chechen State Pedagogical University; Head of the Russian Council for Islamic Finance
Affiliation:
Chechen State University
Chechen State Pedagogical University
Address: Russian Federation, Grozny

Journal name

Gosudarstvo i pravo

Edition

Issue 4

Pages

180-185

Abstract

In the modern world, the conclusion of a contract is commonplace, but it is still important to prevent opportunistic behavior of market participants at the stage of post-contractual relations. From a financial point of view, it is important to prescribe such terms of the contract so that its violation will cost more for the party that does not comply with the clauses of the contract than further joint activities. However, in Islamic law there are a number of restrictions on the use of traditional tools to ensure compliance with the terms of the contract, which created the prerequisites for this study. The work is becoming even more relevant against the background of the introduction of a bill to the State Duma of the Russian Federation on partner financing activities, in fact, created for Islamic banking, as well as interest from the largest Russian banks. The purpose of this article is to identify tools to deter post-contractual opportunism in Islamic law.

Keywords

post-contract opportunism, Islamic law, financial instruments, Islamic finance, pledge, deposit, guarantee, Hamish Jiddia, Musharakah, Mudaraba

Received

14.07.2022

Publication date

28.04.2023

Number of characters

18439

Cite

GOST	Shovkhalov S. Instruments for post-contract opportunism in Islamic law // Gosudarstvo i pravo – 2023. – Issue 4 C. 180-185 [Electronic resource]. URL: https://gospravo-journal.ru/S102694520021148-3-1 (circulation date: 15.05.2024). DOI: 10.31857/S102694520021148-3
MLA	Shovkhalov, Shamil "Instruments for post-contract opportunism in Islamic law." Gosudarstvo i pravo 4 (2023):180-185. DOI: 10.31857/S102694520021148-3
APA	Shovkhalov S. (2023). Instruments for post-contract opportunism in Islamic law. Gosudarstvo i pravo (4), pp.180-185 DOI: 10.31857/S102694520021148-3

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