Khīyyār Al‘Aib: A Tool for Achieving Fairness in Financial Transactions

Abstract

It is important to acknowledge that the finality of a contract or sale transaction may not rest wholly on the just essential requirement namely offer, acceptance and consideration which were prescribed for the validation of the contract. In this paper, the issue of these allied requirements as well as the framework and tools that are available for contractual parties to deal with losses occurred by defective commodities or products. The positive thing that emerges from the discussion in this regard is that the Khīyyār-Al ‘Aib option of a defect in Fiqh’ al Mūamlāt is a framework which serves the objective of protecting the right of contractual parties. This right is in essence a flow of theory of contractual obligation as discussed with detail embracing the theoretical framework of “Al Darar Yūzāl” “La darar wala dirrār”, especially the segment for pre-contractual liabilities must be focused.