Things to Watch Out For
- Hidden additional fees
- Unilateral changes to terms
- Automatic renewals without conscious consent
B. Financial System
Guide 08: Transaction Transparency and Avoiding Gharar
Clear contracts protect both parties from uncertainty regarding costs, objects, and obligations.
Execution Checklist
- Read contracts thoroughly, especially the sections on additional fees
- Request a written breakdown of all obligations
- Avoid products with ambiguous clauses
- Keep proof of payment and original terms
Siti subscribed to an app with expensive auto-renewal fees. After reviewing the contract, she switched to a service with fully transparent pricing.
- AAOIFI standards on the prohibition of gharar
- The principle of mutual consent (ridha) in contracts