Objectives and Ethics of Transactions: Fraudulence and Monopoly as a Model A Comparative Jurisprudential Study

Objectives and Ethics of Transactions: Fraudulence and Monopoly as a Model
A Comparative Jurisprudential Study
Gamal Abdel Wahab Elhelfy.
 Department of Comparative Jurisprudence, Faculty of Islamic  and Arabic Studies for Female Students, Al-Azhar University, Desouq, Egypt
E-mail: elhalfygamal@gmail.com
 
Abstract:
          The Islamic religion regulates the life of the individual, and establishes societies on the basis of justice and the preservation of property. It respects ownership and prevents the transfer of property except through mutual consent. It prohibits oppression and forbids usurpation. Islam also prevents all forms of fraud that allow a person to get something through the consent of its owner by deception. If a business transaction had a body and soul, its body would be its terms and conditions and its soul would be ethics and objectives. A body cannot live without a soul, and similarly a transaction cannot be valid without objectives. For example, a fraudulent transaction, like Najash, appears to be valid – only formally – since the terms and conditions are fulfilled, but because it is based on deception, which affects the will of the deceived, it is forbidden in Islam. This does not conflict with bidding, which is one of the foundations of profit-driven commerce. As for monopolies and price fixing, although Islamic law acknowledges the freedom of ownership, it stipulates that this freedom must not cause direct harm to others. The research concluded that while the structure, essential elements, and conditions of contracts are highly important, the objectives and purposes must also be considered.