If you are grateful, …

Islamic Personal Finance

6 Shuroot of Transactions

I’ve gotten involved in a relative larger transaction but neglected to have two witnesses. Classical works, e.g. Hidaayatur-Raaghib of Shaykh ‘Uthmaan ibn Ahmad an-Najdee [d.1100],  have lined up 6 conditions of a valid transaction:

1 - At-Taraadhee (Mutual Agreement)

2 – Jawaaz Tasarruf al-’Aaqidayn (Both Participants are Allowed to Engage in Transactions)

3 – Milk al-Ma’qood ‘Alayhe (Ownership of Property Being Traded)

4 – Ibaahah al-Intifaa’ bil-Mabee’ (Permissibility of the Goods)

5 - Maqdoor ‘alaa Tasleemihi – Dispensibility

6 – ‘Adm al-Jahaalah (The Absence of Anonymity)

Now, we have contemporary issues that we need to deal with. Points 1, 2, and 4 are pretty easy to satisfy. For the others, it may be very complicated. Related questions to be explored:

  • Goods that are custom designed that are not seen, until built (e.g. house, furniture)
  • Online goods that we cannot directly see (with or without picture of the goods)

[Side project: I'm looking for qawa'id fiqhiyah closely related transaction.]

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February 10, 2010 - Posted by | business, buying, fiqh

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