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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IIUM
2015
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| Online Access: | http://irep.iium.edu.my/47145/ http://irep.iium.edu.my/47145/1/10._BUERHAN_SAITI.pdf |
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iium-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 PeerReviewed 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 |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| 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/ http://irep.iium.edu.my/47145/1/10._BUERHAN_SAITI.pdf |
| first_indexed |
2023-09-18T21:07:06Z |
| last_indexed |
2023-09-18T21:07:06Z |
| _version_ |
1777411006903877632 |