BNK612 Assignment 1 Solution and Discussion

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   SEMESTER FALL 2019

FINANCIAL JURISPRUDENCE IN ISLAM (BNK612)
ASSIGNMENT NO.01
DUE DATE: 02ND DECEMBER, 2019 MARKS: 10
ASSIGNMENT:
Learning Objectives:
The objective of this assignment is to enable the students to understand the forms of Fraud in Islamic Sharia’h.
Requirements:
Under Islamic Sharia’h, apart from Riba, Gharar and Maysir; Fraud causing misrepresentation is also forbidden in business transactions. Muslim jurists have discussed various types of fraud/deception, which make the contract voidable on part of buyer. Consider the following situations and answer the given questions.
 A butcher used to sell the meat after excessive watering in order to increase weight and to give impression of fresh meat.
 A real estate agent while dealing with his potential client deliberately bid for 15 million for a house which is higher than the market value. To give the impression of fair dealing, two of his agents deliberately offered 15.5 million to induce the client to pay higher than the actual market price.
Keeping in view the types of Fraud in Islamic Jurisprudence laws, answer the following questions
i. Briefly explain what type of Fraud is involved in above mentioned cases?
ii. What is the legal status of the transactions caused by such deception and fraud? Also discuss the view of
all four schools of thought (Hanafi, Hanbali, Shafai, Maliki) on the given scenario?
iii. In order to give the innocent party right to revoke the transaction, what conditions should be fulfilled to
prove an act of fraud?
NOTE: You are advised to use your own language while writing your assignment as the copied assignments will be marked as ZERO.

 IMPORTANT:

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IMPORTANT INSTRUCTIONS/ SOLUTION GUIDELINES/ SPECIAL INSTRUCTIONS
DO YOUR WORK CLEAN & COMPLETE
OTHER IMPORTANT INSTRUCTIONS: DEADLINE:
 Make sure to upload the solution file before the due date on VULMS.
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 You may also compose your assignment in Open Office format.
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REFERENCING GUIDELINES:
 Use APA style for referencing and citation. For guidance search “APA reference style” in Google and read various websites containing information for better understanding or visit http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
 It is submitted after the due date.
 The file you uploaded does not open or is corrupt.
 It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
 It is cheated or copied from other students, internet, books, journals etc.

 Note related to load shedding: Please be proactive

Dear students!
As you know that Pre Mid-Term semester activities have started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.