The Islamic Finance Trading Framework by Mohsin Ali & Najeeb Zada

Author:Mohsin Ali & Najeeb Zada
Language: eng
Format: epub
ISBN: 9783319966137
Publisher: Springer International Publishing

The rights and responsibilities of the transaction entered into by the agent shall lie with the agent, such as taking possession and delivery of the purchased asset.

However, if the agent attributes the transaction to the principal, the rights and responsibilities of the transaction shall lie with the principal.

The agent as trustee shall not be liable in the event of loss or damage of the asset except if such loss or damage is caused by his misconduct, negligence, or breach of specified terms.

If the agent is given remuneration for the provided service, the Shariah ruling of ijarah shall apply (ISRA, 2016, p. 262).

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