The general rule for all contracts, and especially in sales, is validity. Unless something is found deficient then the contract remains valid, such as: 1- one of the contracting parties lacking legal capacity 2- one of the objects of contract containing Riba or Gharar 3- or the fact that the object of sale is expressing …
Salam (السَلـَـم) is a form of contract that was found in pre-Islamic Arabia. At the time the Prophet arrived in Medina, he found people dealing in this form of trade. In the Hadith of Ibn Abbas he reports: The Messenger came to Medina and he found the people making deferred sales in fruit for one …
In terms of Islamic Law, defects in an object of sale are of two types: 1- Those that occur naturally, such as a home with a faulty foundation or a car with a cracked head. 2- Those that are initiated by a legislative prohibition; selling ground meat as chicken, when in fact it’s pork, or …
Insecure Securities, by Hans-Werner Sinn, Commentary, Project Syndicate by way of Economist’s View Quite interesting, especially the bit about Pfandbrief at the end.
Classically, scholars categorized contracts as being from one of three types. Commutative exchange (Mu’awaDat معاوضات) – Involving the voluntary exchange of good, services, and/or both for the purpose of trade. Includes: cash sales, bartering, and currency exchange. Charitable exchange (Tabaru’at تبرعات) – Involving the voluntary not-for-profit exchange of good, services, and/or both out of the …
Current accounts in most Islamic banks have been conceptualized as loans, ergo it is impermissible – in the view of most modern jurists- to pay or charge an interest rate on the account. While most conventional banks do not provide any sort of interest payment unless a initial minimum deposit is made, most still provide …
Current Accounts… Current thoughts… on Islamic Banks Read More »
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