Designing Mindful Contracts

Umar F. Moghul

Chapter Chapter 5 in A Socially Responsible Islamic Finance, 2017, pp 209-257 from Palgrave Macmillan

Abstract: Abstract This chapter recommends a contract governance method integrating muraqabah (awareness of Divine vigilance) to better align “form” with “substance.” To date, parties within contemporary Islamic finance are enabled to engage in a series of transactions, each itself ethical, to accomplish a single transaction perceived by stakeholders as violative of social responsibility and impact notions they contend lie at the heart of Islamic commercial norms. A consequence of the practice of muraqabah, as well as self-assessment and self-accountability (muhasabah), is more transparent and participatory documentation reflective of parties’ intents and purposes and more responsive to the Shari’ah and stakeholder skepticism. Finally, design thinking is applied to implement forgiveness and forbearance, as reflective of Islamic spiritual praxis, in home financing structures.

Keywords: Corporate Governance; Spiritual Practice; Islamic Bank; Design Thinking; Contract Governance (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-319-48841-7_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9783319488417

DOI: 10.1007/978-3-319-48841-7_5

Access Statistics for this chapter

More chapters in Palgrave Studies in Islamic Banking, Finance and Economics from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().