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Contract of Sale

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Text Preview CONTENTS
1.BACKGROUND:1
2.CONTRACT:1
2.1VALID CONTRACT:2
2.2VOID CONTRACT:2
2.3VOIDABLE CONTRACT:2
3.SALES CONTRACT:3
3.1SUBJECT MATTER (MAL):3
3.2CLASSIFICATION OF MAL:4
3.3CONDITIONS OF VALIDITY OF SALE:4
3.4PROHIBITED SALES:7
3.5KINDS OF SALE TRANSACTIONS:10
3.5.1BAY AL MUQAYADAH:11
3.5.2BAY AL MUTLAQ:11
3.5.3BAY AL SARF:12
3.5.4SALAM CONTRACT:13
3.5.5ISTISNA16
3.5.6MURABAHAH19
3.5.7BAY'AL-MUAJJAL22
4.CONCLUSION25
4.1.INTRODUCTION TO ISLAMIC BANKING25
4.2ROLE OF ISLAMIC BANK IN DEVELOPMENT OF ECONOMY27
4.3ISLAMIC FINANCING & SALES CONTRACTS28
4.4UNIVERSAL ASPECT AND MODERN NOVELTIES OF ISLAMIC FINANCE29

The Contract of Sale
1. BACKGROUND:

Human being is a unit of society and they are social by nature. In their needs they are dependent on each other, the reason is that their wants are multiple and cannot be fulfilled by themselves individually. Allah SWT has blessed individuals with different kind of abilities hence cooperation (ta’awun) is required among individuals so that they can help out each other and can live their lives conveniently. If an individual is interested in war and politics, while the other is interested in agriculture and manufacturing then how is the one interested in war and politics will be able to fulfill his needs? Hence a system of sale and purchase came into existence. Allah SWT has guided us about every aspect of life in the Holy Quran, so is about the sales and trade. The guidance is extremely necessary for the reason that validity or invalidity of an act is Islam is subjected to an act of being lawful or unlawful according to injunctions of Islam as available in Quran and Sunnah. In the Holy Quran, Allah SWT says:

“And do not eat up your property among yourselves for vanities, nor use it as a bait for the judges, with intent that ye may eat up wrongfully and knowingly a little of people’s property.” [2:188] At another place in Holy Quran, it is said:

“So eat of the sustenance which Allah has provided for lawful and good; and be grateful for the favors of Allah, if it is He whom ye serve.” [16:144] 2. CONTRACT:
The Arabic word for contract is “Aqad”. The literal meaning of “aqad” is “join” or “tie”. The Shairah term for aqad as given by author of al-‘Inayah is “Legal relationship created by conjunctions of two declarations, from which flow of legal consequences with regard to the subject matter.” A contract must consist of:

* Aqidani: The two parties to the contract.
* Sighah: The “ijab” and “qabul” i.e. offer and acceptance. * Ma’aqudalaih: The subject matter and price.
The validity of any contract depends upon:
* Legality and illegality of subject matter
* Existence and precise determination of subject matter
* Deliverability of subject matter
* Absence of excessive uncertainty
* Precise determination of price
2.1 VALID CONTRACT:
A contract that satisfies both its “asl” (fundamentals) and “wasf” (the ancillary components), where the ancillary components are those in addition to the “rukn” (the offer and acceptance) and object. 2.2 VOID CONTRACT:

A contract that does not satisfies the rukn and conditions on the object or that is illegal in its rukn and wasf. 2.3 VOIDABLE CONTRACT:

A contract that is legal in its fundamentals but illegal in its ancillary components.

3. SALES CONTRACT:

Sale (Bai) has two meaning in Arabic, one is “Al shura’a” i.e. “to buy” and the other is “to sell”. Sale is defined as the exchange of a thing of value by another thing of value with mutual consent. Bai or contract of sales is also described as “the exchange of property” or the “exchange of goods and properties”. Sale is the transfer of a defined object, having certain value, in exchange for an equivalent. The Qur’an approves the sale to the extent that no element of Riba is involved: “Allah permitted trade and... Show More

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