Financial Contracts and Corona Crisis -A Shari’ah Study


July 28, 2020
Financial Contracts and Corona Crisis -A Shari’ah Study
Mourad Boudaia

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Issue

The research aims at studying the impact of Corona (Covid-19) on financial contracts by defining the level and ranking of the Coronavirus impact on the financial contracts, thereafter It will also elaborate the ways that scholars prescribed for addressing the distortion had happened to the contractual commitment due to Corona crisis as per the key steps; beginning from Fiqhi description of Coronavirus, seconded by identifying the types of financial contracts have impacted by Corona crisis, and the leading maxims and principles during the times of Corona crisis, and ways to treat the distortion happened due to Corona crisis. For dealing with the subject matter, a mix of descriptive and analytic methodologies have been adopted as they complement each other by reinforcing the scientific content to be followed by a conceptual presentation. The research leads to a set of conclusions, significant among them are: The pandemic of Coronavirus (Covid-19) embodied the features of a crisis in the economic sense, it satisfied the conditions for Shari’ah considerable excuses to entail Shari’ah based concessions, the comprehensive ways for treating the distortion happened to the contractual commitment during the exceptional times are: processing and altering, or deferring and rescinding as per the rules and principles for regulating the doctrine of justice. Keywords: Contracts, Financial, Corona crisis (Covid-19), Pandemic

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