بسم الله الرحمن الرحيم
The Book of Trade
based upon Sayyid Ahmad al-Shatiri's
al-Yaqut al-Nafis
Chapter 1
Sale (Bay')
Bay' lexically means to transact something for something else.
Bay' legally refers to an agreement consisting of a financial recompense permanently granting ownership of a particular item or something that can be utilized.
1.1
The Integrals of Bay'
The integrals of Bay' are three;
1.The buyer and seller
2.The price and the article purchased
3.The spoken form, which consists of the spoken offer and acceptance
1.2
The conditions of the buyer and seller
The conditions of the buyer and seller are four;
1.That he have an unrestriced right of disposal over his own property
2.That he not be unjustly coerced
3.If a Mushaf, Muslim slave or apostate who has not been emancipated is being transacted, it is necessary that the buyer is Muslim.
4.If weaponry is being sold, it is necessary that the buyer not be among those at war with the Muslims.
1.3
The conditions of the price and article purchased
The conditions of the price and article purchased are five;
1.That it be pure or is capable of being purified by washing
2.That it be useful
3.That it be deliverable
4.That it be the property of the seller
5.That it be known to both buyer and seller as to which particular item it is, how much it is and of what type.
1.4
The conditions of the spoken form
The conditions of the spoken form are thirteen;
1.That conversation extraneous to the agreement not intervene between the offer and acceptance.
2.That there not be a long interval between the offer and acceptance.
3.That both offer and acceptance correspond in meaning.
4.That neither offer nor acceptance is made conditional.
5.That the sale not be subject to time stipulation.
6.That nothing from the first part of the spoken form changes before the second, be it the offer or acceptance.
7.That it be said loud enough to be heard by someone in close proximity.
8.That they have full right to transact until the transaction is complete.
9.That it be through the use of a 2nd person pronoun.
10.That the respective parties conclude their spoken forms themselves.
11.That the initiator, be it the buyer or seller, mentions the price.
12.That the word “sale” is annexed to the form.
13.That the word is intended for it's meaning.
1.5
An example of Bay'
When Zayd says to 'Amr, “I sell you this house for 1,000 Dinars ,” and 'Amr says, “I accept”.
Chapter 2
Usurious gain (Riba)
Riba lexically means increment.
Riba legally refers to an agreement for a specific recompense whose equivalence to the merchandise is unknown according to the standards of law at the time of the transaction or in which the exchange of the two parties is delayed or one of them is delayed.
2.1
The ruling of Riba and when does it exist
Riba is considered unlawful and only exists in the exchange of gold and silver and human foodstuffs. Similarly, Riba is unlawful whenever any of the preconditions determining it's validity are un met.
2.2
The validity of exchanging gold, silver and foodstuffs for their like
In addition to the conditions of Bay', three more conditions exist in order for the exchange of gold for gold, silver for silver and foodstuff of the same type to be valid;
1.Immediacy
2.That the properties transacted be in the respective possession of the buyer and seller before parting company.
3.Exact equivalency in the amount
2.3
The validity of exchanging gold for silver, silver for gold and foodstuff of a different sort
The conditions for the validity of exchanging gold for silver, silver for gold and foodstuff of a different sort are two;
1.Immediacy
2.That the properties transacted be in the respective possession of the buyer and seller before parting company.
2.4
Examples of Riba
1.When Zayd says to 'Amr, “ I sell you this ring for twice it's weight in gold,” and 'Amr says, “I accept”.
2.When Zayd says to 'Amr, “ I sell you this freight of wheat for two freights of sorghum postponed till next month,” and 'Amr says, “I accept”.
3.When Zayd says to 'Amr, “ I sell you this freight of wheat for that freight of wheat,” and 'Amr says “I accept”, but they part ways before the properties are in their possession.
Chapter 3
Buying in advance (Salam)
Salam lexically means precipitance or to do something before it's appointed time.
Salam legally refers to the sale of described merchandise which under the seller's obligation and is enacted with the expression of Salam or Salaf.
3.1
The integrals of Salam
The integrals of Salam are five;
1.The buyer
2.The seller
3.The merchandise bought in advance
4.The price which the buyer pays in advance to the seller
5.The spoken form
3.2
The conditions for the validity of Salam
In addition to the conditions of Bay', six more conditions must be met in order for Salam to be valid;
1.That the price be put up
2.That the price of the merchandise is handed over when the agreement is made.
3.That the location to which the merchandise is to be delivered be clearly stipulated in instances where the buyer advances the price where it cannot be delivered or when the merchandise is deferred and transporting it to a certain location involves considerable difficulty.
4.That the seller is able to deliver the merchandise when the time comes.
5.That both buyer and seller and at least two upright people know the characteristics of the merchandise over which they may be at cross purposes by delineating it with clear specifications.
6.That the characteristics of the merchandise be described in a language known to both buyer and seller and at least two upright persons when the agreement is made.
3.3
An example of Salam
When Zayd says to 'Amr, “ I advance you 100 Dinars for a five year old slave who is five hand span tall, to be delivered at the beginning of such and such month at such and such place,” and 'Amr says, “Iaccept”.
Chapter 4
Putting up collateral (Rahn)
Rahn lexically means constancy
Rahn legally refers to putting up a piece of saleable property as security for a financial obligation to cover the amount should it prove impossible to pay.
4.1
The integrals of Rahn
The integrals of Rahn are four;
1.The collateral
2.The debt
3.The two transacting parties, I.e the person putting up the collateral and the person receiving it.
4.The spoken form
4.2
The conditions of collateral
The conditions of the collateral are two;
1.That it be a particular article
2.That the article is permissible to sell.
4.3
The conditions of debt
The conditions of the debt are four;
1.That it be a debt
2.That it be know to both parties as to how much it is and of what kind.
3.That is exist
4.That it be irrevocable or will eventually result in irrevocability on it's own.
4.4
The conditions of the transacting parties
The conditions of the transacting parties are two;
1.That they act willingly
2.That they have full right of disposal over their property
4.5
The conditions of the spoken form
The conditions of the spoken form of Rahn are the same as the conditions of the spoken form of Bay'.
4.6
An example of Rahn
When 'Amr has a 1,000 Dinar binding debt with Zayd and 'Amr says to Zayd, “ I put up my home as collateral for the 1,000 Dinars that I owe you, “ and Zayd says, “I accept”.
Chapter 5
Personal loans (Qardh)
Qardh lexically means to cutt off.
Qardh legally refers to loaning something to someone on the basis that he will return it's equal.
5.1
The integrals of Qardh
The integrals of Qardh are four;
1.The lender
2.The recipient
3.The loan
4.The spoken form
5.2
The conditions of the lender
The conditions of the lender are two;
1.That he act willingly
2.That he have full right of disposal over what he is lending.
5.3
The conditions of the recipient
The conditions of the recipient are two;
1.That he act willingly
2.That he have full right to transact
5.4
The condition of the loan
The condition of the loan is one;
1.That the loan be an article that may be bought in advance.
5.5
The conditions of the spoken form
The conditions of the spoken form of Qardh are the same as the conditions of the spoken form of Bay'.
5.6
An example of the spoken form
When Zayd says to 'Amr, “I loan you this Dinar,” and 'Amr says, “I accept”.
Chapter 6
Suspension from dealings (Hajr)
Hajr lexically means restriction.
Hajr legally refers to suspending certain individuals from specific transactions for a particular reason.
6.1
Types of suspension
Suspension is of two types;
1.That which has been established in the sacred law in interest of the suspended person, such as the suspension of wealth on the fool hardy person. A fool hardy person is that individual who is incapable of handling his own wealth.
2.That which has been established in the sacred law for the interests of others, such as the suspension of objects of material value on the bankrupt. A bankrupt person is that individual whose current binding debt to another person exceeds his own wealth.
6.2
An example of suspending the fool hardy
When 'Amr squanders his wealth after being financially competent and the judge says, “ I suspend 'Amr from transacting in his wealth”.
6.3
An example of suspending the bankrupt
When 'Amr owes Zayd 1,000 dinars, both current and binding and is in excess of 'Amr's wealth, and Zayd or 'Amr or both of them request from the judge that 'Amr be suspended from transacting and the judge says, “ I suspend 'Amr from transacting in his objects of material value”.
Chapter 7
Settlement (Sulh)
Sulh lexically means to severe a dispute.
Sulh legally refers to the contract by which the dispute is settled.
7.1
Types of Sulh
Sulh is of two types;
1.Settlement over a price reduction.
2.Settlement over a financial recompense.
The first type of Sulh refers to settlement from the plaintiff over some part of an article or debt, while the second type refers to settlement over an article, debt or something else.
7.2
The conditions for the validity of Sulh
The conditions for the validity of Sulh are two;
1.That it be preceeded by a dispute.
2.The confession of the oppossing party.
7.3
An example of Sulh
When Zayd charges 'Amr for a house or twenty dinars which is under his obligation and 'Amr denies it, thereafter 'Amr confesses and Zayd says to him, “ I settle with you for half of the this house or for this garment, or for ten dinars or for this garment”, and 'Amr says, “I accept”.
Chapter 8
Transferring a right to collect a debt (Hawalah)
To be continued Insha Allah....
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