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Fiqh of Trade - Part 4 (Khiyaar Al-Majlis - Option of Withdrawal)

The following is a translation from the Arabic book 'Mashroo’ Qaanoon Al-Buyoo’ Fee Dawlah Al-Islaamiyah', first edition by Ziyaad Ghazlaan. Article 12: It is the right of the Baa’i (seller) and Mushtari (buyer) to annul the trade as long as they are still gathered in the Majlis (sitting) of the ‘Aqd (contract) until the time that their bodies separate (depart).   Al-Bukhaari narrated from Hakeem Bin Hizaam (ra) that he said: The Messenger of Allah (saw) said: “The two traders (buyer and seller) have the choice (to cancel the trade) as long as they have not departed” or (in another version): “until they have departed” and the Wajhu-d-Dalaalah (evidential aspect/point) in the Hadeeth is that the Messenger of Allah (saw) gave the seller and buyer the choice between going through with the sales contract or annulling it until the time that they depart (from each other). Ibn ‘Umar (ra) related: The Messenger of Allah (saw) said: “ The buyer and the seller have the option to

Fiqh of Trade - Part 3 (Conditions of Sales Contracts)

The following is a translation from the Arabic book 'Mashroo’ Qaanoon Al-Buyoo’ Fee Dawlah Al-Islaamiyah', first edition by Ziyaad Ghazlaan. Article 8: The ‘Aqd (contract) of Al-Bai’ (sale/trade) requires the following: 1) The accomplishment of the trade. 2) The moving (transferring) of the bought thing to the buyer and the value of the price to the seller upon Ta’beed (permanent/final basis). 3) The freedom of the seller to utilise the value of the price and the buyer in regards to the bought thing. 4) The obligation (Wujoob) of handing over the sale to the purchaser and the value of the price to the seller. The Shar’a has arranged (ordered) the requirements of the sales contract. It is from the functions of the Shar’a Al-Haneef (pure/rightly guided) and it is the Shar’a that has made necessary actions related to the sales contract and provided the fundamental Ahkaam that relates specifically to it. Therefore the relationship between these Ahkaam, the actions

Fiqh of Trade - Part 3 (The conditions regarding the subject matter)

The following is a translation from the Arabic book 'Mashroo’ Qaanoon Al-Buyoo’ Fee Dawlah Al-Islaamiyah', first edition by Ziyaad Ghazlaan. Article 7: The following is stipulated in regards to the Ma’qood ‘Alaihi (the trade or that which is being contracted over) within the sales contract:   1) That it is Mubaah (permissible) according to the Shar’a. 2) That it is owned (i.e. the property) of the Baa’i (seller). 3) That it is within the possession (Maqbood) of the seller. 4) That it is Ma’loom Al-Aaqibah (its result/outcome is known).   As for it being Mubaah then this is due to his (saw) statement: “Verily when Allah has made something Haraam then he has made its price Haraam” (Its Isnaad was verified as Saheeh by Ash-Sheikh Al-Albaani in ‘Ghaayatu-l-Maraam’).   This Hadeeth has come in the Mutlaq form (without restriction) in regards to the Tahreem (prohibition) of trading (selling) that which is Muharram (prohibited) and there is nothing that has come