First Steps Economics - Presentation 2
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Transcript of First Steps Economics - Presentation 2
7/27/2019 First Steps Economics - Presentation 2
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The Essentials of Sale
1. تاي - MUTUAL CONSENT
A sale will be invalid without mutual consent.
Example: بع اكه
The sale of a person who is forced to sell.
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The Essentials of Sale
2. - وجد EXISTENCE OF SUBJECT OF SALE
The subject of sale must be existent at the time the saleis concluded.
Example: Selling an unborn calf or the advanceselling of crops.
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The Essentials of Sale
3. لكة - OWNERSHIP
The subject of sale must be in the ownership of the seller at thetime of sale.
Example:Ismail Builder wishes to purchase 100 pockets of cement from Bilaal’s Hardware. Bilaal did not have cement
when Ismail contacted him. However, his brother, Yusuf’s General Dealer, who is across the road, has the cement. Bilaalsells the cement to Ismail and thereafter gets the cement from
Yusuf and delivers it to Ismail. This sale is invalid as Bilaal didnot have ownership of the cement when he sold it.
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The Essentials of Sale
Two Exceptions:
• Salam (forward sale)
• Istisnaa’ (ordering the manufacture of an item)
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The Essentials of Sale
4. قض - POSSESSION
The subject of sale must be in the possession of the seller at thetime of sale.
Example:Moosa’s Tile-orama bought a consignment of tilesfrom China. The sale was concluded and Moosa paid for the
goods as well. Whilst the consignment is still en-route to SouthAfrica, Moosa begins selling the tiles (with samples). This saleis invalid. Although Moosa owns the shipment, however he has
not yet taken possession of it.
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The Essentials of Sale
Elucidation: Islamically, it is impermissible to sell
something until one has assumed the risk of thatcommodity. Once possession of an item is taken, risk passes from seller to buyer. It will now be permissibleto sell it.
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The Essentials of Sale
SOLUTIONS:
1. Take possession of the goods or appoint an agent todo so before selling.
2. Act as an agent in selling the goods and request a
commission from the supplier.
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The Essentials of Sale
5. INSTANT AND DEFINITE
The sale must be instant. It cannot be attributed to afuture date or a future event or contingent.
Example: A sale is concluded with the followingcondition, “If you are successful in receiving a loan
from ABC, then this car is sold to you”. Such a sale isinvalid.
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