The Tahawwul al-‘Aqd as Dinamyc Method in Making the Contracts in Islamic Finance Institution
Keywords:
tahawwul al-'aqd, methods, contracts, Islamic financial institutions, DSN-MUIAbstract
Tahawwul al-'aqd is an Islamic legal term that indicates changes in a contract so that legal permissibility occurs in economic transactions. Initially, when viewed from a normative aspect, the contract's permissibility contained several things considered invalid, but because there were other aspects, the contract became valid.
The writing method in this article is literature supported by field data by taking several contracts in Sharia banks, insurance, and Sharia securities.
It was found that the method or qâ'idah tahawwul al-'aqd is widely used to accommodate various contract demands practiced in sharia financial institutions. It can be said that this method is the solution needed to engineer a contract to meet the needs of the financial market. However, it is the responsibility of the DSN-MUI as the fatwa-making authority to constantly monitor it so that there is no imbalance between the objectives of the contract being defeated by the objectives of the market.
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