When is the contract (transaction) between a buyer and seller definitive?

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Date: Saturday, July 23, 2011

Category

Business Matters

Title

Question

 

When is the contract (transaction) between a buyer and seller definitive?

 

Answer

Muhtaram / Muhtaramah

In the Name of Allāh, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.

 

Once the buyer agrees to the purchase price, the deal between the parties is concluded and the sale definitive.

 

And Allah knows best
Darul Iftaa

Madrasah Inaa’miyyah

 

 

· The Sharée ruling herein given is specifically based on the question posed and should be read in conjunction with the question.

· The Darul Ifta bears no responsibility to any party who may or may not act on this answer. The Darul Ifta being hereby exempted from loss or damage howsoever caused.

· This answer may not be used as evidence in any Court of Law without prior written consent of the Darul Ifta.

 

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