It is the most important and the most common of all the contracts, because it is needed and used by most people, therefore it is important to give special attention to the rules of Shari’ah concerning it. Definition of the Trade Contract The Hanafi definition: It is the exchange of a specific wealth with another wealth The Shaafi’ee definition: It is the exchange of a wealth with … [Read more...]
Importance of Earning Halaal Income
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November 9, 2009 by
[ extract from 'The Book of Wealth' by Ml. Moosa Olgar ] … [Read more...]
Rules of Guarantee
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November 9, 2009 by
Dhaman is one of the forms for legal consolidation of debts. The root of the word means "among or to include in." This is because the liability of the guarantor becomes included in what is guaranteed or includes the guaranteed right. It has also been said that it meant to join or to add, because the liability of the guaranteed is joined or added to the liability of the guarantor. Dhaman in Islamic law means "to meet someone else's … [Read more...]
Rulings on Partnership of Mudharabah
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November 9, 2009 by
The word mudharabah is derived from "dharba on earth," which means to travel for trade or business. Allah says, "Others (making dharb on earth) traveling through the land, seeking of Allah's bounty." [74:20] This means they go from one place to another to search for or seek Allah's sustenance in trade or business. Mudharabah within Islamic law indicates the payment of a specific amount of money to a person who uses it for business and makes … [Read more...]
Property Damage
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November 9, 2009 by
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...]
Defective Contracts
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November 9, 2009 by
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...]
