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MOULANA SHOAYB JOOSUB
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• SHARIAH DEFINITION:
• “the exchange of a thing of value by another
thing of value with mutual consent”
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1. Bai’Mun’aqid means a sale that has been contracted
• It may be of four kinds:
•
1.
Sahih
•
2.
Naafidh
•
3.
Mawqoof
•
4.
Makrooh
-
-
valid
effective
suspensive
disliked
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•
•
•
•
Contract (Aqd)
Subject Matter (Mabe’e)
Price ( Thaman)
Possession of delivery (Qabza)
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• A void sale is a sale that is unlawful in itself. This
sale is null and void.
• In a void sale, the buyer does not have title to
subject matter and seller does not have title to the
price. Both subject matter and price cannot be used
lawfully. The produce of both shall be unlawful.
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• An invalid sale is a sale that is according to the law
in itself, but not in its manner. It is legally correct
according to the Shari’ah from its onset, however, it
has impermissible characteristics.
• When a sale is invalid, it is Waajib (necessary) on
either parties before possession being taken, to
cancel the sale, in order that the invalidity of it may
be removed. The same applies after possession,
provided the invalidity exists in the contract itself.
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• A sale will be Makrooh when the transaction
is complete and one gets possession of the
goods but is disliked eg. Sale after Juma
Azaan
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• Bai’Naafidh or effective sale falls into two
categories:
•
1.
Laazim
binding
•
2.
Ghair Laazim- non binding
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• This is a sale in which there remains no
option of return
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• This is a sale in which the buyer or the seller
still have the option of returning or taking
back the article.
• Khiyaar-ush-Shart - Option on Approval
• Khityar-ur-Ru’yat – Option on Inspection
• Khiyaar-ul-‘aib – Option on defect
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• If some make a transaction without
permission of the actual buyer or seller, then
the sale is suspended, and is subjected to
the condition of the approval of the buyer
and seller.
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1. Bai Musawamah : It refers to normal sale in which cost
price is not known.
• 2. Bai Murabaha: It refers to a sale in which cost and sale
price is known to the buyer.
• 3. Bai Muqayada: It refers to barter sale excluding currency
sale.
• 4. Bai Surf: It refers to the sale of gold, silver and currency.
• 5. Bai Salam: It is a kind of sale in which payment is spot
while the delivery of the good is deferred.
• 6. Bai Istisna: It refers to such in which commodity is
transacted before it comes into existence. It is basically an
order to manufacture.
• 7. Bai Muajjal: It refers to such sale in which payment is
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delivery is spot while payment
is
deferred but cost is not known.
SHOAYB JOOSUB
1)The subject matter of sale must exist at the time of the
transaction.
2)The Subject matter should be in the ownership of the
seller at the time of the transaction.
3)The subject matter must be in the actual or
constructive possession of the seller at the time of
the transaction. Constructive possession is where the
risk and reward is transferred to the seller.
4)The sale must be instant and absolute.
5)The subject matter should be a property having value.
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CONTINUATION
• 6)The subject of sale should not be a thing
used for an un-Islamic purpose.
7)The subject of sale must be specifically
known and identified by the buyer.
8) The delivery of the subject matter to the
buyer must be certain.
9)The certainty of price is a necessary
condition for the validity of the sale.
10)The sale must be unconditional.
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