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 Fahz | business, buying, fiqh
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Purpose
Purpose: To develop an undervalued Islamic field of personal finance. Islamic finance today is more directed towards business finance, house purchasing, and macroeconomics, not household wealth and non-wealth management. The approach to this field will be similar to the conventional adoption of business finance and economics to family economics ... after taking the Qur'an and something similar to it.Maalfunction ["muhl"function]: Make the money ( maal) function and work for you!!!
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