Resolutions of the Securities Commission Shariah Advisory Council

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Capital Market Issues According to Islamic Jurisprudence Second viewpoint: The majority of Islamic jurists were of the view that qabadh hakiki is valid for the transaction of some types of goods. 277 This was based on validated prophetic traditions which forbade the sale of some types of goods before qabadh hakiki. Nevertheless, they were of differing views in deciding on the ìllah and guidelines for the types of goods that should be included under this restriction. This is because the prophetic traditions which discussed qabadh were very generally stated and related to food. The Islamic jurists tried to find an answer as to whether the restriction was only specific for food or whether it applied to other things. Among the hadith used to support qabadh hakiki were: Meaning: “From Ibnu Àbbas, it was narrated that the Prophet s.a.w. had forbidden a man from selling food he had not yet procured. Ibnu Àbbas was asked as to its form. He answered; dirham with dirham, and food after it has been procured.” 278 Meaning: “From Abdullah bin Dinar that he had heard Ibnu ’Umar said, the Prophet s.a.w. said: Whoever buys food, he should not resell it before he procures it (qabadh hakiki).” 279 Based on the above hadith and a few other narrations with the same understanding, the Prophet s.a.w. had forbidden the resale of food before qabadh hakiki. Such evidence shows the importance of qabadh hakiki in sale and purchase transactions involving specifically food which is perishable. 277 Al-Zuhaili, Al-Fiqh al-Islami, vol. 4, p. 382. 278 Hadith narrated by Bukhari, Muslim and Tirmizi. 279 Hadith narrated by Bukhari and Malik. 117
Resolutions of the Securities Commission Shariah Advisory Council In general, the Hanafi, Shafiì and Hanbali Mazhab were of the view that the ìllah forbidding the sale of an object before qabadh hakiki was due to the presence of gharar. This was because of the concern that the goods might not be delivered due to damage or other factors. 118
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ijarah leasing contract Glossary ij
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Resolutions of the Securities Commission Shariah Advisory Council

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