Juridical Study of the Nature of Hire-purchase Contract in Non-Usurious Banking of the Islamic Republic of Iran

Document Type : Original Article

Authors
Hosein Ali saadi 1
Mahmood Akbari 2
1 Associated Professor of the Department of Fiqh and Islamic Law Foundations at Imam Sadiq(a.s) University
2 Assistant Professor of the Department of Fiqh and Islamic Law Foundations at Ayatollah Boroujerdi University
10.30497/fiqh.2017.2279
Abstract
One of non-usurious banking contracts in Allocation of resources, is the hire-purchase contract replacing conventional methods of making loans in non-usurious banking. This kind of contract with extensive usage will be able to solve a major part of the needs of economic units. On the other hand it could be useful for clients because he pays the rent with more confidence and owning it at the end.
The central question of the research is juridical challenges about nature of hire-purchase contract in non-usurious banking. According to this article, the nature of hire-purchase contract faces different challenges like violation of “the contracts follow the intentions” principle, formalization of contracts, and ambiguity in conditions of hire-purchase contract. In this study, we analyze these items, finally, we will offer suitable juridical solutions
Keywords
Nature of hire-purchase contract
Lease contract
Owning condition
Non-Usurious Banking

  • Receive Date 30 May 2017
  • Revise Date 06 August 2017
  • Accept Date 03 January 2018