An Appraisal of the Principle of Khiyaral Majlis Under the Islamic Law and its Applicability in the Modern E-Transactions

Abstract

The Islamic Law of Transaction, Muamalat is the key area of Islamic Law which the Principle of Khiyar al Majlis (meeting place of transaction) stems from. This principle as propounded by jurists in the past envisaged physical meeting place of bargain in a transaction and this requires a formal place to stand in modern business dealings owing to its importance. This paper is focusing on the principle of Khiyar al Majlis as a cardinal aspect of Islamic Law of Transaction which the jurists in the past have made rules to govern having in mind physical interaction of parties only hence leaving a gap that cannot be said to have accommodated e-transactions of the modern day. The contemporary jurists have given their opinions on what could be used to determine this  principle's applicability in e-transaction basing their arguments on Sources of the Shariah. Using the doctrinal approach, his paper found that the present day jurists are of the opinion that the rules of Khiyar al Majlis can apply safely in modern e-transactions. The need for a new standard set of rules to regulate e-transactions which does not necessitate physical contact is hereby suggested to contemporarily settle the question of not only using the opinion of jurist but an actual control mechanism as set of rules by the Global Regulation Making Bodies of the Muslim Ummah.