Session 5 -Murabaha - BASIC RULES OF SALE Rules of Sale...

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BASIC RULES OF SALE
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Since Murabaha is a sale transaction, rules of  Shariah regarding sale should be understood. Sale is defined in Shariah as  Exchange of a thing of value, by another thing of  value, with mutual consent” Rules of Sale
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Rule 1 The subject of sale must exist at the time of sale For Example, “A” sells the unborn calf of his cow to  “B”,the sale is invalid. Rule 2 The subject of sale must be in the ownership of seller at  the time of sale. Hence, what is not owned by the seller  cannot be sold. Rules of Sale
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For Example,  A” sells to “B” a car which is presently  owned by “C”, but which “A” intends to purchase from  “C”. Since the car is not owned by “A” at the time of sale,  the sale is void. Rule 3 The subject of sale must be in the physical or  constructive ownership of seller at the time of sale. Rules of Sale
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not taken physical delivery of goods, but the goods are  under his control. And all rights and liabilities of the  goods have passed to him,i.e. the goods are at his risk. For Example, “A” has purchased a car from “B”, “B” has  not physically handed over the car to “A” but has placed  it at a garage which is in control of “A”. “A” can access  the car whenever he wants to do so. The risk of the car  has practically passed to “A”, the car is in the  “Constructive Possession” of “A”,now “A” can sell the  car to third party. Rules of Sale
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Session 5 -Murabaha - BASIC RULES OF SALE Rules of Sale...

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