Instruments for post-contract opportunism in Islamic law

 
PIIS102694520021148-3-1
DOI10.31857/S102694520021148-3
Publication type Article
Status Published
Authors
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 nameGosudarstvo i pravo
EditionIssue 4
Pages180-185
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.

Keywordspost-contract opportunism, Islamic law, financial instruments, Islamic finance, pledge, deposit, guarantee, Hamish Jiddia, Musharakah, Mudaraba
Received14.07.2022
Publication date28.04.2023
Number of characters18439
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