SS 36 - Влияние условных инцидентов на обязательства

This Standard aims to illustrate the contingent incidents which come suddenly upon commitments and cause deviation from stipulated results.

Scope of the Standard

This Standard covers the contingent incidents encountered in honoring the commitments that stem from application of Islamic modes of financing and investment by Islamic financial institutions (Institution/ Institutions). It also covers the effects of such incidents on commitments. The Standard, however, does not cover defects of will or the conducts that result from mutual consent of the two parties. 2. Definition of Contingent Incidents Contingent incidents in this standard refer to those incidents which occur suddenly and cause significant influence on commitments that are properly stipulated. Therefore, contingent incidents are different from defects of will, which exist since the time of signing the contract, although their impact occurs later on. Contingent incidents are also different from termination of commitments on mutual consent of the two parties or as per the desire of any of them; when a party is entitled to such right by virtue of the contract. 3. Types of Contingent Incidents From the standpoint of its influence, a contingent incident can be either of the type that necessitates amendments in the contract, or the type which constitutes an external reason for termination of the contract. 4. Contingencies Leading to Amendment of the Contract The impact of such contingencies is confined to necessitating amendments in the contract rather than leading to its complete termination. Practical examples of such contingencies include the following among others:

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.