6 the subject matter of sale should not be a thing

Info iconThis preview shows pages 14–16. Sign up to view the full content.

View Full Document Right Arrow Icon
6. The subject matter of sale should not be a thing used for an un-Islamic purpose. 7. The subject matter of sale must be specifically known and identified to the buyer. For Example, “A” owner of an apartment says to “B” that he will sell an apartment to 'B'. Now the sale is void because the apartment to be sold is not specifically mentioned or identified to the buyer. 8. The delivery of the sold commodity to the buyer must be certain and should not depend on a contingency or chance. 9. The certainty of price is a necessary condition for the validity of the sale. If the price is uncertain, the sale is void. 10. The sale must be unconditional. A conditional sale is invalid unless the condition is recognized as a part of the transaction according to the usage of trade. Excerpt from FAQs published by IBD, SBP and available at http://www.sbp.org.pk/departments/ibd/FAQs.pdf
Background image of page 14

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
July-September 2009 13 Handbook of Islamic Banking Products and Services (IBP&S) Strategic Plan for Islamic banking, issued by State Bank of Pakistan (SBP) in 2008, aims to achieve 12 percent market share by 2012. Islamic banks are encouraged to enter into new challenging segments of Microfinance and SME finance in addition to Agriculture finance The Islamic Banking industry offers a wide range of products encompassing almost the entire range of Islamic modes of financing. In this regard a Handbook of Islamic Banking Product & Services has been developed by Islamic Banking Department (IBD). It is an attempt to compile all the Asset side ‘Financing products’ and liability side ‘Deposit products’ of all 18 existing IBIs 3 at one place as per available data of Dec 31, 2008. The handbook renders general information including description of the product, underlying mode, sector targeted, limit, tenor, and collateral required. This document would help to understand current spectrum of product offering of the Islamic Banking Institutions (IBIs). Handbook of Islamic Banking Products & Services (IB P&S) is available at http://www.sbp.org.pk/ibd/Handbook-IBD.pdf. Handbook on Islamic SME Financing (iSME) SME is a potential segment for the growth of Islamic finance and a few Islamic banks have already focusing on this sector. A need was felt to develop a Handbook on Islamic SME Financing , focusing particularly on various modes which can be used as alternative to conventional SME finance. In this regard, IBD took the initiative and studied the conventional framework of SME finance. Likewise intensive deliberations and discussion were conducted with IBIs offering SME products and other stakeholders. These efforts led to the development of a Handbook on SME Financing. This handbook carries comprehensive information regarding financing SME sector in the light of Shariah principles. The handbook touches upon the regulatory requirements, modes of financing, proposed products, their accounting treatment and risk management mechanism. This document can be used as a basic tool for developing new products thus
Background image of page 15
Image of page 16
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page14 / 23

6 The subject matter of sale should not be a thing used for...

This preview shows document pages 14 - 16. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online