Rules of Sale and Purchase
In the context of Islamic jurisprudence, certain conditions are necessary for a valid sale. The transaction must involve property recognized as lawful in Islamic law, the contract should be permanent without a specific timeframe, and it must occur with the intention of ownership transfer. Additionally, several essential elements must be present in a sale contract, as outlined by the majority of scholars:
- Contract Formula: This comprises the offer (ijab) and acceptance (qabul). The offer is made by the party relinquishing ownership while the acceptance must come from the party acquiring it. It is essential that the acceptance corresponds directly to the offer and that both parties are present at the same gathering, without any conditions or time constraints attached.
- Contracting Parties: These are the seller and the buyer. For both parties, certain conditions apply: they must be of legal age, mentally sound, acting willingly, and intending to enter into the agreement. It is important to have two distinct parties involved in the contract.
- Subject of the Contract: This refers to the object being sold, which includes the price and the item or service being exchanged. It is required that the item is existing at the time of the contract, recognized as lawful property, owned by the seller, deliverable at the time of the agreement, well-defined to both parties, and beneficial under both Islamic law and customary practice. Moreover, the price must be specified and understood.
Definition of Sale and Purchase
In linguistic terms, sale refers to the act of exchanging goods. In a legal context, it is defined as the exchange of property for either other property or permissible benefits, which may be done through credit or installment, provided it does not involve usury or loans. Sale is characterized by its permanence, while purchase is inherently linked to the act of selling, as the buyer pays the price and receives the goods, thereby standing in contrast to the seller.
Etiquettes of Sale and Purchase
There are numerous etiquettes associated with both sale and purchase, some of which include:
- Both the seller and buyer should adopt a flexible attitude during the transaction.
- Honesty in sales is paramount, including truthfulness regarding the nature of the goods.
- Avoid making any oaths during the selling process.
- Engage frequently in charitable acts.