پنجشنبه: 1403/03/24

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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Thursday / 13 June / 2024

Laws Regarding Advance Payment Contract

 

2121. If a person purchases a commodity by way of advance payment, he is not entitled, until the expiry of the stipulated period of delivery, to sell it to anyone.

 

Nevertheless, there is no harm in selling it to any person after the expiry of the stipulated period, even if he may not have taken possession of it yet. However, it is Makrooh to sell cereals like wheat and barley, and other commodities, before taking its possession.

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Taxable limit of sheep (including goats)

 

1921. Sheep has 5 minimum taxable limits:

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There are six conditions of Advance Payment Contract

 

2120. Advanced payment contract consist of six conditions:

First: The characteristic, due to which the price of a commodity may vary, should be specified. However, it is not necessary to be very precise, it will be sufficient if the people say that ‘its particulars are known’. Therefore, the advanced payment contract is void in case of bread, meat, hide of animals and the likes of them as their characteristics cannot be specified.

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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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Purchase and Sale of Fruits

 

2107. It is in order to sell the fruits before plucking them, when the flowers have fallen, and when the seeds have been formed. Similarly, there is no objection in selling the bunch of grapes before plucking.

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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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