جمعه: 1403/01/10

Miscellaneous Rules

 

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Friday / 29 March / 2024

Circumstances in Which One can cancel a Transaction

 

2132. The right to cancel a transaction is called Khiyar. The seller and the buyer can cancel a transaction in the following twelve cases:

First: If the parties to the transaction have not parted from each other and this right is called Khiyar of Majlis.

Second: If the buyer or the seller has been cheated in a sale transaction, they have a right to call off the deal and this is called Khiyar of Ghabn.

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Sale of Gold and Silver against Gold and Silver

 

2127. If gold is sold against gold or silver is sold against silver, whether it is in the form of coins or otherwise, in case the weight of one of them is more than that of the other, the transaction is Haraam and void. 

2128. If gold is sold against silver or silver is sold against gold, the transaction is valid and it is not necessary that the weight of both the commodity should be equal.

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Conditions for Purchase by Advance Payment contract

 

2118. Purchase by advance payment means that a buyer pays the price of a commodity, and takes its possession later. For example, if the buyer says, "I am paying this amount so that I may take possession of such and such commodity after six months" and the seller says, “I agree", or the seller accepts the money and says “I have sold such and such thing and will deliver it after six months". The transaction is valid.

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Cash and Credit

 

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Formula of Purchase and Sale

 

2105. It is not necessary that the formula of purchase and sale be pronounced in Arabic. For example, if the seller says in any language, “I have sold this property in exchange of this money" and the buyer says, “I accept it" the transaction is in order. However, it is necessary that the buyer and the seller should have intention of Insha' - which means that by uttering the above-mentioned words, they are genuinely intended upon buying and selling. 

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Conditions Regarding Commodity and its Exchange

 

2098. The commodity which is sold, and the thing which is received in exchange of it, should fulfil five conditions.

First: Its quantity should be known by means of weight, measure, counting, or the likes of them.

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Conditions for Sellers and Buyers

 

2089. There are six conditions to be fulfilled by the seller and the buyer:

First: They should be Baligh.

Second: They should be sane.

Third: They should not be feeble-minded, that is, they should not be squandering off their wealth.

Fourth: They should have an intention to sell and purchase. Hence, if a person says in jest that he has sold his property, that transaction is void.

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Haraam Transactions

 

2063. Haraam and void transactions are divided into six categories.

First: Selling and purchasing of Ain Najasat (essential Najasat) like alcoholic beverages, pigs, dead body, urine, faeces, besides, if a permissible use of Ain Najasat except alcoholic drinks, pig and dead body is possible like, selling and purchasing it is permissible, however as a precaution, such sale and purchase should be avoided.

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Makrooh Transactions

 

2062. The following are Makrooh transactions,

First: To sell the land.

Second: Butchery.

Third: To make shroud selling one's vocation.

Forth: To enter into transaction with people of low character.

Fifth: To make it one's vocation to buy or sell wheat and barley, or other similar commodities.

Sixth: To interfere in a deal being carried out by others, and make one's own offer.

 

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