Analyzing conditions.pdf - Analyzing conditions(Shara’it and options(Khiyarat)i 1 Currently no financing facility is given by banks or financial

Analyzing conditions.pdf - Analyzing conditions(Shara’it...

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Rahmat Ullah Islamic Banking & Finance Analyzing conditions (Shara it) and options (Khiyarat) i 1. Currently no financing facility is given by banks or financial institutions unless the client has something that could be kept as collateral or mortgage to the banks or financial institutions. Analyze this condition and check for its validity. 2. Nowadays automobiles are offered and sold with the condition that if the price is settled in cash it will be cheaper, and if it is on credit, the more expensive. Is this sort of sale permissible with the condition of paying double or more in case of being on credit? 3. If a person purchases a house and stipulates to the seller that he must rent a portion of the house with the amount specified; or on the other hand, the seller stipulates on the buyer that he shall not sell this house to anybody except the first owner; is this sort of arrangement valid? 4. Posting a no tice “the goods can neither be returned nor changed” in the shop has nowadays become a common practice. Is this a valid condition? 5. If someone says: “buy the goods from me, and if you make loss I will compensate you”. Is such a condition and sale valid? 6. Sometimes the tradesman stipulates that the purchaser may return the goods, but will not be refunded the price. Nevertheless, the purchaser may buy other things available to the tradesman what he wants corresponding to the price of the goods returned. If the purchaser does not find anything with the tradesman that satisfies his needs, the tradesman holds the price until the purchaser utilizes that to buy anything from his shop which satisfies his needs. Is such stipulation permissible in shariah? Analyze 7. If someone sells his house at less than the market price, with the condition that he will enjoy a privilege to rent the house with a token amount of monthly rental till he dies, and thereafter the buyer will have the right to deal in the house in whatever way he wants. Analyze this arrangement. 8. A person asked Imam Mu ammad ibn al- asan al- Shaybānī: “Wha t do you think about the case whereby someone requests a person to buy a house for him with one thousand dirham and then informs that he will purchase it with one thousand and one hundred dirham from him. So, the man who is requested wants to buy the house, but he fears that if he buys the person who has requested may not purchase it from him, whereby the house will remain in his custody. So what would be the way to get rid of this situation?” Based on your knowledge about options (Khiyarat) and conditions (Shara ’it ), what would you reply if it were you? Is this practice able in any mode of Islamic banks?
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Rahmat Ullah Islamic Banking & Finance
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  • Fall '16
  • Sir Moeen
  • Contractual term

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