PREPARED BY MOULANA SHOAYB JOOSUB 2 SHARIAH DEFINITION: the exchange of a thing of value by another thing of value with mutual consent
PREPARED BY MOULANA SHOAYB JOOSUB 3 1.BaiMunaqid means a sale that has been contracted It may be of four kinds: 1.Sahih-valid 2.Naafidheffective 3.Mawqoof- suspensive 4.Makrooh-disliked
PREPARED BY MOULANA SHOAYB JOOSUB 4 Contract (Aqd) Subject Matter (Mabee) Price ( Thaman) Possession of delivery (Qabza)
PREPARED BY MOULANA SHOAYB JOOSUB 5 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.
PREPARED BY MOULANA SHOAYB JOOSUB 6 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 Shariah 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.
PREPARED BY MOULANA SHOAYB JOOSUB 7 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
PREPARED BY MOULANA SHOAYB JOOSUB 8 BaiNaafidh or effective sale falls into two categories: 1.Laazim-binding 2.Ghair Laazim-non binding
PREPARED BY MOULANA SHOAYB JOOSUB 9 This is a sale in which there remains no option of return
PREPARED BY MOULANA SHOAYB JOOSUB 10 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-Ruyat – Option on Inspection Khiyaar-ul-aib – Option on defect
PREPARED BY MOULANA SHOAYB JOOSUB 11 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.
PREPARED BY MOULANA SHOAYB JOOSUB 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 delive ry is spot while payment is deferred but cost is not known.
PREPARED BY MOULANA SHOAYB JOOSUB 13 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.
PREPARED BY MOULANA SHOAYB JOOSUB 14 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.