Allah, subhanahu wa ta'aala, has prohibited aggression against the properties of other people and against taking it without rightful cause, and held as liable any person who damages other people's properties without rightful cause even if it were done by mistake. Therefore, anyone who damages the lawful property of the others without their permission will be held liable for retribution. Imam Ibn Qudamah said, "We are not aware of any … [Read more...]
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A summarized translation from the "Fiqh of Financial Contracts" by Dr. H Chouat and Dr AH Hemmish A contract can be afflicted by a number of defects that may render it invalid or incapable of generating its intended results intended for it by the shar'iah. These defects, which may inflict the will of the contractors, are generally due to four things: MISTAKES They fall into two types: 1-Internal mistake: It is an assumption in the mind of … [Read more...]
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I have been requested by my esteemed and respected Ustaad, Mufti Ebrahim Desai Saheb to comment on a financial contract used by a major Bank. However, as an introduction to this matter, I will present in this part certain general guidelines that apply across the board, and are not confined to the product in question. These guidelines will form the ground plan and foundation upon which this product, and others, should rest. Any financial … [Read more...]
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Report by Mufti Ebrahim Desai It is Friday after Maghrib Salaat on 14 July 2006 in Musjidun Nabawiy [sallallaahu alayhi wasallam]. I am on my way to South Africa from the United States and Allah favoured me with the opportunity of visiting the Haramayn Shareefayn. I have been travelling to the United States for the past fourteen years and have witnessed a great deal of Islamisation in the past one and a half decade. I regret not having … [Read more...]
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Q: What is (the definition of) a transaction of sale? A: It is the exchange of one commodity for another commodity with the (happy) consent of the transactors. Q: How is a sale contracted? A: A sale is contracted with offer and acceptances which is effected in the past tense (i.e. the words used for offer and acceptance is to be in the past tense). It will be as though one of the transactors (contractors) is saying: ‘I sold (this article) … [Read more...]
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Business Laws Q: What is the ruling regarding the option of placing a condition (i.e. ‘Taking on appro') for the buyer or seller? A: This option is valid for both the buyer and the seller. Q: Is there a limit placed on this? A: The limit of option depends on whatever duration is placed by one of the parties, with the happy consent of the other. Q: Two persons contracted a sale, the seller himself specifies a duration of option, and the … [Read more...]