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2105.It is not necessary that the formula of purchase and sale be pronounced in Arabic. For example, if the seller says in any language: "I have sold this property in exchange of this money", and the buyer says: "I accept it", the transaction is in o...

2105.It is not necessary that the formula of purch...

2098.The commodity which is sold, and the thing which is received in exchange, should fulfil five conditions: Its quantity should be known by means of weight or measure or counting etc. It should be transferable, otherwise the deal will be void, exc...

2098.The commodity which is sold, and the thing wh...

2089.There are six conditions for the sellers and buyers: They should be baligh. They should be sane. They should not be impudent, that is, they should not be squandering their wealth. They should have a serious and genuine intention to sell and pur...

2089.There are six conditions for the sellers and ...

2063.There are many Haraam deals and businesses, some are mentioned below: To sale and purchase intoxicating beverages, non-hunting dogs, pigs, an unslaughtered carcass (as a precaution). Besides, if a permissible use of Najisul Ayn is possible, lik...

2063.There are many Haraam deals and businesses, s...

2062.The following are Makrooh transactions: To sell the land, except when one wishes to purchase another land with its proceeds. To be a butcher. To make shroud selling one's vocation. To enter into transaction with people of low character. To tran...

2062.The following are Makrooh transactions: To s...

The following are Mustahab in connection with sale and purchase: One should not discriminate between various buyers while charging for the commodities, except in the case of poor people. One should not be adamant about the prices, unless one feels t...

The following are Mustahab in connection with sale...

(66) It is permissible to use the roads and pavements constructed on previous sites of private property bought by the government, who demolished them, to build such roads. Of course, whomsoever knew of a private property that was forcibly owned by th...

(66) It is permissible to use the roads and paveme...

(56) It is not permissible to inseminate a woman with the sperm of a man, other than her husband, irrespective of whether or not she was married. It makes no difference whether husband and wife consented to the act or not. Likewise, if insemination i...

(56) It is not permissible to inseminate a woman w...

(49) It is not permissible to remove any organ from a dead body of a Muslim, such as an eye or the like to transplant it in another’s live body. If such an act was carried out the person who did it must bear the responsibility of paying compensation....

(49) It is not permissible to remove any organ fro...

(46) It is not permissible to dissect the dead body of a Muslim, i.e. to carry out a post-mortem. If such an act is carried out, it is obligatory on the person conducting the operation to pay compensation according to the rules detailed in (the Book ...

(46) It is not permissible to dissect the dead bod...

Among common transactions between businessmen and traders what is called (Key Premium). It is where a lessee forgoes his right in the shop, place of trading or business for another in return for a mutually agreed amount of money [premium]. Also a tra...

Among common transactions between businessmen and ...

Insurance is a contract in which the Insured undertakes to pay the Insurer a specified sum of money [premium]. Such premium could be spread out an monthly basis or paid for the whole year. In return the Insurer undertakes to pay the Insured or the be...

Insurance is a contract in which the Insured under...

There are two kinds of bank business: The first is haraam. This may cover the type that relates to transactions leading to usury, such as acting as an agent in handling, registering, acting as witness, receiving excess money [interest] on behalf of t...

There are two kinds of bank business: The first is...

Sale differs from loan in that a person becomes the owner of a property against the payment of a particular price. In the case of loan, the property is given into the ownership of a person on his responsibility, i.e. the debtor becomes responsible fo...

Sale differs from loan in that a person becomes th...

Among the activities of banks is buying and selling foreign currency to make it available in sufficient quantities to satisfy the needs of their customers, especially businessmen involved in importing goods. Another reason why banks embark on such ac...

Among the activities of banks is buying and sellin...

Among bank services is the realisation of the amount of a bill of exchange for its customers. This is done by informing the signatory of the bill before the expiration of the prescribed period so that he be ready to pay. When the money is realised, t...

Among bank services is the realisation of the amou...

Banks may give prizes to their customers by a draw to encourage them to deposit money with them. Is it permissible for the bank to do so? Here are the details. If the bank embarks on such a process without imposing a condition on its customer when th...

Banks may give prizes to their customers by a draw...

A person enters into contract to carry out a project, such as building a school, hospital, bridge and the like, for a government or non-government organisation. The party contracting out the project may stipulate a condition requiring the contractor ...

A person enters into contract to carry out a proje...

It may happen that the importer neither take delivery of the goods nor pay the bank the price thereof, after the bank exhausts all means of notifying and warning the buyer to do so. In this case the bank can sell the goods to retrieve the amount it o...

It may happen that the importer neither take deliv...

The bank may act as in intermediary to deliver the goods from the exporter to the importer. In the process, it may need to store the goods at the importer's expense. This is so, if agreement was concluded with the exporter and after the bank had paid...

The bank may act as in intermediary to deliver the...

(1) Loans and Deposit Banks are of three kinds: - National bank, whose capital is owned by one or more persons.- State owned bank, whose capital is raised by government funds.- Company bank, whose capital comprises government stake and public money i...

(1) Loans and Deposit Banks are of three kinds: - ...