THE LEGALITY OF THE PRACTICE OF HIRE-PURCHASE TRANSACTIONS: PROBING THE COMMON AND ISLAMIC LAW PERSPECTIVES
DOI:
https://doi.org/10.53704/fulaj.v1i1.516Abstract
This paper examined the legality of the practice of hire-purchase transactions, probing the perspectives of both common law and Islamic law. The hire-purchase system widely utilized method of acquiring goods through installment payments has become a common practice in various legal systems. This paper adopted doctrinal methodology with the historical and analytical approaches through the use of primary and secondary sources as contained in published and unpublished materials. The paper reveals that the practice of hire-purchase under Islamic Law is not without exceptions. The paper further juxtaposed the common law and Islamic law perspectives and recommended among other the practice of hire-purchase by the Islamic Communities.
Keywords: Hire-Purchase, Legality, Common Law, Islamic Law and Transactions
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