Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management)
Online ISSN : 2185-6540
ISSN-L : 2185-6540
Paper (In Japanese)
SHARI'AH COMPLIANCE OF RISK SHARING IN ISLAMIC CONTRACTS
Hidetoshi NAKANOMasamitsu ONISHIKiyoshi KOBAYASHI
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2014 Volume 70 Issue 4 Pages 227-244

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Abstract

 A variety of risks and uncertainties are inherent in project contract. Shari'ah, the law of Islam, prohibits gharar and mysir which are concepts related to ‘uncertainty’. Therefore, project contract is in danger of violating Shari'ah. The conformity of a project contract with Shari'ah significantly concerns the manner in which uncertainties are dealt with. However, there has been no contemporary rigorous definition or legal interpretation of ‘Shari'ah compliance’ with the general consensus. Rather, the regional variety of legal interpretation of Shari'ah is observed. In this paper, a theoretical model of complete contract is proposed to assess the Shari'ah compliance of a typical project contract. In addition, Shari'ah compliance of some typical contractual arrangements in project contract is discussed based on the proposed model.

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© 2014 Japan Society of Civil Engineers
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