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Sale of goods and sale of debts: a comparative analysis

Islam clearly identifies not only lawful (halal) activities, but also unlawful (haram) activities as well. Differences of opinion may arise in these two areas too. In order to achieve the ultimate in Islam, we should exercise caution when practicing Islamic finance. In Islamic banking and financ...

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Main Authors: Saiti, Buerhan, Abdullah , Adam
Format: Article
Language:English
Published: IIUM 2015
Subjects:
HG1501 Banking
Online Access:http://irep.iium.edu.my/47145/1/10._BUERHAN_SAITI.pdf
http://irep.iium.edu.my/47145/
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spelling my.iium.irep.471452018-05-21T06:18:23Z http://irep.iium.edu.my/47145/ Sale of goods and sale of debts: a comparative analysis Saiti, Buerhan Abdullah , Adam HG1501 Banking Islam clearly identifies not only lawful (halal) activities, but also unlawful (haram) activities as well. Differences of opinion may arise in these two areas too. In order to achieve the ultimate in Islam, we should exercise caution when practicing Islamic finance. In Islamic banking and finance, most of the contracts deal with exchange contracts (al-muawadat) that are essentially trading-based activities. Whereas, conventional banking and finance mainly deals with only one contract involving lending and borrowing activities. Settlement of price consideration can be made on the spot (cash) and on a deferred payment basis (credit sale). However, the credit sale has resulted in a lack of consensus (ijma) amongst jurists regarding the validity of selling a debt to a third party. Injustices (zulm), uncertainty (gharar) and usury (riba) are typically the reasons cited by the jurists in order to support their opinions. This paper will look into the validity of the sale of goods and debt, as well as, the problems associated with these two kinds of sale IIUM 2015 Article REM application/pdf en http://irep.iium.edu.my/47145/1/10._BUERHAN_SAITI.pdf Saiti, Buerhan and Abdullah , Adam (2015) Sale of goods and sale of debts: a comparative analysis. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC) (SI). pp. 249-272. ISSN 1394-6870
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HG1501 Banking
spellingShingle HG1501 Banking
Saiti, Buerhan
Abdullah , Adam
Sale of goods and sale of debts: a comparative analysis
description Islam clearly identifies not only lawful (halal) activities, but also unlawful (haram) activities as well. Differences of opinion may arise in these two areas too. In order to achieve the ultimate in Islam, we should exercise caution when practicing Islamic finance. In Islamic banking and finance, most of the contracts deal with exchange contracts (al-muawadat) that are essentially trading-based activities. Whereas, conventional banking and finance mainly deals with only one contract involving lending and borrowing activities. Settlement of price consideration can be made on the spot (cash) and on a deferred payment basis (credit sale). However, the credit sale has resulted in a lack of consensus (ijma) amongst jurists regarding the validity of selling a debt to a third party. Injustices (zulm), uncertainty (gharar) and usury (riba) are typically the reasons cited by the jurists in order to support their opinions. This paper will look into the validity of the sale of goods and debt, as well as, the problems associated with these two kinds of sale
format Article
author Saiti, Buerhan
Abdullah , Adam
author_facet Saiti, Buerhan
Abdullah , Adam
author_sort Saiti, Buerhan
title Sale of goods and sale of debts: a comparative analysis
title_short Sale of goods and sale of debts: a comparative analysis
title_full Sale of goods and sale of debts: a comparative analysis
title_fullStr Sale of goods and sale of debts: a comparative analysis
title_full_unstemmed Sale of goods and sale of debts: a comparative analysis
title_sort sale of goods and sale of debts: a comparative analysis
publisher IIUM
publishDate 2015
url http://irep.iium.edu.my/47145/1/10._BUERHAN_SAITI.pdf
http://irep.iium.edu.my/47145/
_version_ 1643613135474524160
score 13.211869

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