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DBIF 2013

FIQH MUAMALAT

CHAPTER 1B
INTRODUCTION TO FIQH
MUAMALAT

Content

Introduction
The Concept of Buying and Selling
Legal Evidence:
Quran
Sunnah
Categories of Transaction
Classification of Contracts

INTRODUCTION
Muamalat is plural and the singular word is
muamalah. Muamalah is from the verb aamala
Literally
Dealings, social intercourse, behaviour, transaction; to
interact. Muamalat means interactions or transactions.

Technically
Sharia rules which pertain to widely life

Rules pertain to the action of people and their


dealings among themselves as in sale, mortgage,
hire disputations, evidences, judgment and the
like.
Fiqh Muamalat
Knowledge of the rules of conduct pertaining to commercial
transactions that has been derived by the jurist from specific
evidences in the Quran and Sunnah.

Commercial transactions are concluded through


contracts which are permitted by the Shariah as
evidenced by the Quran, the Sunnah and other
sources of Islamic Law.

THE CONCEPT OF BUYING AND SELLING


Trade or al-Bay in Islam, is an exchange of property
(mal) or the exchange of goods with certain procedures
Bay means:
Literally: Buying and selling or both in the same time
Technically: The transfer of a definite use of property in
perpetuity in exchange for a price

The exchange of property for property by means of


mutual consent
An exchange of mal or tangible property for similar
property

LEGAL EVIDENCE
Al-Quran

LEGAL EVIDENCE
Sunnah
No one has ever eaten better food than what he
eats as a result of the labour of his hands (Sahih alBukhari)
The merchants will be raised up on the Day of
Judgement as evil-doers except those who fear
Allah are honest and speak truth (Sunan Ibn Majah)
The Prophet (s.a.w) also declares to the effect: The
merchants who speaks the truth and honest is in
the same place with the Prophets, the Sincerers
(lovers of truth) and Martyrs (Sunan Ibn Majah)
Ijma
The Muslims are in agreement uninamously that
sale is permitted.
Conducting sales is the natural right of the people

CATEGORIES OF
TRANSACTIONS
Categories of Transactions In General
Barter Trading (Muqayadah)
Cash Trading ( Bay Mutlaq)
Bay' mutlaq is an Arabic term that translates into absolute sale. A
sale (ba'i) that involves the exchange of an asset for specified
monetary units (the price)

Currency Trading (Bay al-Sarf)


Bay al-Sarf is a contract of exchange of money for money. This
contract is tightly regulated under Shari`ah because it can be
easily manipulated for the purpose of producing an interestbearing loan, which is prohibited in Islam.

BARTER TRADING
(MUQAYADAH)
Direct exchange of goods for other goods, without use of
money
2 concurrent conditions for barter trade that involved Ribawi
items:
Time Factor: the exchange must be on the spot
Quantity Factor: must be equal regardless of quality

Barter trade not encouraged in Islam because of:


The least efficient and least practical method of exchanging goods
and merchandise
(hard to match the needs and consume a lot of time)

Justice and fairness are difficult to achieve in this transaction


(difficulties to evaluate the real and fair value and possibility of injustice)

CASH TRADING ( BAY MUTLAQ)


Exchange of goods or property for cash
Sale of goods for the equivalent price in
money
The use of cash money preferred as it comes
almost close to the requirement when barter
of the same commodity is involved
to avoid any occurrence of riba

Money provides a standard for real and just


exchange of value of various commodities
and curb the chances of injustice

CURRENCY TRADING (BAY AL-SARF)


The exchange of one currency with a similar or
another currency
Include sale of gold or silver for an article of the
same kind
2 rules to avoid riba:
Time factor
Quantity factor
2 condition of bay al-sarf:
If the exchange is between the same type of
currency it must fulfil these conditions
equal quantity or weight regardless of quality and must be
on the spot

If the exchange is between 2 different type of


currencies

DIFFERENCES BETWEEN BARTER


TRADE & BAY AL-SARF
BARTER TRADE
The exchange of a commodity or
goods with another goods or
commodity rather than
exchanging it for money

BAY AL-SARF
The exchange of one currency to
another currency or the trading of
local currency too a foreign
currency

AQAD (CONTRACT)
Literally:
Tying tightly, as in tying a rope. It also means
to make covenant and to give an oath.
Thus, the word aqd carries the meanings of
covenant and fulfillment.

Technically:
An engagement and agreement between two
persons in a legally accepted, impactful and
binding manner

CLASSIFICATION OF
CONTRACT
Contract Of Exchange/ Transfer Of
Property (Aqad Al-Muawadat)
Contract Of Security (Aqad Al-Tawthiqat)
Contract Of Partnership (Al-Shirkah)
Contract Of Safe Custody/ Investment
(Al-Wadiah)
Contracts Pertaining To Utilization Of
Usufruct (Uqud Al-Manfaah)
Contracts Pertaining To Work/ Services

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