1) Item 2) Price 3) Valid buyer and seller 4) Offer and acceptance...
The essentials of a valid transaction in Islam are:
1) Item 2) Price 3) Valid buyer and seller 4) Offer and acceptance...
If Returning An Item Is Not Possible
If returning the defective item becomes impracticable or impossible, then the buyer is entitled, at the seller's discretion, to either: ...
If returning the defective item becomes impracticable or impossible, then the buyer is entitled, at the seller's discretion, to either: ...
Conditions Of Sale
Conditions of sale of goods and services: 1) a valid buyer and seller; 2) an offer and acceptance; 3) unconditionality; 4) immediacy; 5) the...
Conditions of sale of goods and services: 1) a valid buyer and seller; 2) an offer and acceptance; 3) unconditionality; 4) immediacy; 5) the...
Post-Sale Repair And Replacement
If before the sale the seller agrees to repair or replace an item after the sale takes place, he is obligated to do so; if after the sale it turns...
If before the sale the seller agrees to repair or replace an item after the sale takes place, he is obligated to do so; if after the sale it turns...
Multiple Agreements As Part Of One Agreement
It is impermissible to sell goods and services in which the seller (or buyer) offers the buyer (or seller) a choice of two or more possible...
It is impermissible to sell goods and services in which the seller (or buyer) offers the buyer (or seller) a choice of two or more possible...
Trading In Impermissible Goods And Services
It is impermissible to trade in goods and services that are impermissible in themselves (e.g. buying futures contracts or selling life insurance)...
It is impermissible to trade in goods and services that are impermissible in themselves (e.g. buying futures contracts or selling life insurance)...
Expiry Of Cancellation
The possibility of cancellation expires under three circumstances:
1) A buyer is no longer entitled to return an item of low or...
The possibility of cancellation expires under three circumstances:
1) A buyer is no longer entitled to return an item of low or...
If returning the defective item becomes impracticable (e.g. partially eaten food in a restaurant) or impossible (e.g. appliance destroyed in fire...
Compensation For Defective Goods Damaged By Buyer
If the buyer damages the item and then discovers a separate defect, the buyer is no longer entitled to return the item (because of the new damage)...
If the buyer damages the item and then discovers a separate defect, the buyer is no longer entitled to return the item (because of the new damage)...
Existence Of Item Being Transacted
The good or service in question must exist at the time of agreement, and its qualitative and quantitative attributes openly known. For those cases...
The good or service in question must exist at the time of agreement, and its qualitative and quantitative attributes openly known. For those cases...
Disclaimer: Although care has been taken in preparing the information contained in this Q&A database, Ethica Institute of Islamic Finance cannot guarantee the accuracy thereof. Anyone using the information does so at their own risk and shall be deemed to indemnify Ethica Institute of Islamic Finance from any and all injury or damage arising from such use. One should double check with a qualified scholar to see whether the Q&A applies to one's particular situation.
ASK AN ISLAMIC FINANCE QUESTION
Each question is reviewed by an Islamic finance expert and approved by a scholar.
