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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
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da
1.3
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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
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(Bai Sahih)
Valid Sale
Conditions of Contract (Sharaet-e-Aqd)
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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)
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