Filter by Categories
Accounting
Banking

Islamic Finance




Tadlees al-Aib


The process whereby a seller intentionally hides the defects of his goods so that an unsuspecting buyer would acquire them at the list price. It may also involve glossing the goods over, bestowing thereon a more appealing appearance or functionality. Tadlees al-aib may be also practiced by buyers who use fake currency in settlement of a purchase transaction. Shari’a outspokenly prohibits such deceptive practices. To protect them, shari’a equips buyers/ sellers with the so-called khiyar al-tadlees whereby the defrauded buyer/seller is given the option to rescind the transaction and redeem the price paid or the commodity delivered.

Tadlees al-aib (in Arabic script: تدليس العيب) translates as fraudulent concealment of defects.



ABC
The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
Watch on Youtube
Remember to read our privacy policy before submission of your comments or any suggestions. Please keep comments relevant, respectful, and as much concise as possible. By commenting you are required to follow our community guidelines.

Comments


    Leave Your Comment

    Your email address will not be published.*