Islamic finance

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Islamic Finance | Reference Book 1

1.1.2(b)

1.1.2(a)

1.2.1

Sane

1.2

1.2.2

1.3.1(a)

Unconditional contract 1.3.1(b)

Under reasonable conditions

1.3.1

Sale must be noncontingent

tio

da

1.3

co

n.

m

2.3

Usable (eg not a pig or alcohol)

2.2

Valuable (eg not a stone or leaf)

2.1

Existable

Sold good or subject matter (Mube’e) 2

2.4

Seller must have Title & Risk 2.7

Specific & quantified 2.6

Constructive (Hukmi) (eg possession of documents or keys of a car) 4.2

4.1

Physical (Haqiqi)

Delivery or possession (Qabza) only in respect of movable goods, not 4 immovable

3.2

Specific & certain (Muta’aiyan) (eg currency etc.)

3.1

Quantified (Maloom)

3

Price (Thaman)

Capable of delivery/possession (eg unconstructed flat having no base) 2.5

Capable of ownership/title (eg not sea/sky)

Under unreasonable condition but in market practice (eg. waranty of 1 year on sale of fridge) 1.3.1(c)

Sale must be immediate Not deferred to future (eg property must pass on sale date not on future 1.3.2 date

un

(Bai Sahih)

Valid Sale

Conditions of Contract (Sharaet-e-Aqd)

fo

ira

.h

Mature (If minor, must understand nature of transaction)

Cash Sale (Taati) (eg as in Super markets)

1.1.2

Implied (Isharaa) (in past tense)

1

Buyer & Seller (Muta’aquadeen)

Credit Sale (Istijirar) (eg settlement at the end of the month)

1.1.1

Oral (Qauli) (in past tense)

1.1

Offer & Acceptance (Ijab-o-Qobool)

Contract or transaction (Aqd)

w

w

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