A paper presented at the 9th Session of the International Islamic Fiqh Academy of the OIC
The document provides a comprehensive analysis of the concepts of taʿaddī and taqṣīr in Islamic finance, emphasizing the importance of precise definitions that consider authoritative sources. It suggests distinguishing between natural and non-natural losses and proposes definitions rooted in linguistic meanings. The document calls for further discussion and refinement of the proposed definitions by Sharīʿah boards. It highlights the role of Sharīʿah boards in determining precise academic definitions and suggests organizing a symposium of specialists to address these terms comprehensively. It explores the importance of taʿaddī and taqṣīr in determining limits and negligence in transactions, and highlights the need for precise academic definitions to prevent disputes and losses in trust-based contracts. The document concludes by emphasizing the significance of refining the technical meanings of these terms to ensure clarity in the evolving world of investments and finance.
