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Philosophy and Fundamentals of Sharī’ah for Islamic Finance
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Allāh SWT says:
“Why should ye not eat of (meats) on which Allāh’s name hath been
pronounced, when He hath explained to you in detail what is forbidden to
you - except under compulsion of necessity? But many do mislead (men)
by their appetites unchecked by knowledge. Thy Lord know the best those
who transgress”
(al-An‘ām 6:119)

Ḥadīth:

Prophet SAW said:
“Reconciliation is allowed among the Muslims, except for reconciliation
that makes the lawful unlawful, or the unlawful lawful. And the Muslims
will be held to their conditions, except the conditions that make the lawful
unlawful, or the unlawful lawful.”
(Sunan al-Tirmizi)

3. Custom is of Force
An Islamic legal maxim states that “Custom is of Force”. In many
Sharī’ah commercial contracts many things become permissible
following the customs. An example of this maxim which is a valid
customary practice by scholars is the acceptance of the definition
used in spot trading for cross border transactions.

4. Conclusion of Contract by Mutual Consent

Free mutual consent of the contracting parties is a prerequisite for
the validity of a contract. In other words, the contract entered into
by the two parties must be free from any elements of coercion, fraud,
misrepresentation or other illegal means. Otherwise, the contract
is void. The principle of free mutual consent has been emphasised in
a number of Quranic verses and Ḥadīth such as:

Qur’ān Verses:

Allāh SWT says:
“O you, who believe, devour not your property among yourselves by unlawful
means except that it be trading by your mutual consent”.
(al-Nisā’ 4:29)

Ḥadīth:

Prophet SAW said:
“The contract of sale is valid only by mutual consent”
(Sunan Ibn Mājah)