By Muhammad Yusuf Saleem
This booklet examines the perform of Islamic advertisement legislation utilizing resource fabrics within the Qur'an and Hadith, highlights the perspectives and positions of best colleges of Islamic legislations, and gives a practical remedy of Islamic contracts. basic transactions, akin to revenues, loans, debt transfers, and partnerships also are discussed.
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Additional resources for Islamic commercial law
1 TaqiUsmani contends that an increase of price in a deferred sale contract is not usury because, in usury, money is exchanged for more money, whereas in a deferred sale, a commodity is sold for a higher price. ”2 He further argues that the fixed price in a sale contract relates to the sold property and not to the time. 3 Islamic Banks and a Sale Contract A customer identifies a property and requests the seller to send a quotation. He then approaches an Islamic bank and requests the bank to purchase the property for a subsequent sale to him.
7 B, who is in need of money, purchases a property from A for a deferred price and resells it to him for a cash price. B would pay the deferred price either in lump sum or by instalment. B got the cash and the item is reverted to A. A A Seller Purchaser 3 1 2 4 Purchaser Seller B B 1. A sells an item to B for a deferred price of RM 1100. 2. B agrees to pay the price of RM 1100 either by instalment or Iump sum at a future specified time. 3. B next sells the same item to A for cash payment. 4. A pays RM 1000 in cash.
For example, “I will sell my house to you next month” and “I will purchase your house from you next month” are statements of promises that indicate that the parties have the intention to enter into a sale contract next month. This means that the parties have not entered into a sale contract yet and, as such, the ownership of the sold item is not transferred. Ownership remains with the seller and can only be transferred with mutual present consent of both parties. Thus, a promise merely amounts to an agreement to give consent in the future.