In our first session of Muamalat Essentials, we explored the Islamic perspective on wealth, the objectives of Shariah (Maqasid al-Shariah), and the evolution of economic systems. We discussed how Islam encourages wealth accumulation as a means of strengthening the Ummah, while also setting ethical boundaries to prevent harm.
Prohibited Kinds of Transactions Part IV: Contracts & Defective Returns Introduction The validity and ethical considerations of any kind of
Prohibited Kinds of Transactions Part III Introduction Part III continues from the previous article, “Some Prohibited Kinds of Transactions Part
#10 Some Prohibited Kinds of Transactions Part II: Either-or Sales, Sales with Extraneous Stipulations, Sales with Valid Stipulations, Paying Nonrefundable
#9 Transacting Gold & Silver Part III & Some Prohibited Kinds of Transactions Part I: Selling the Offspring of Expected
#8 – Transacting Gold & Silver Part II Introduction This article continues from ‘Umdatus Salik #7 – Usurious Gain (Riba)
#7 Usurious Gain (Riba): Transacting Gold and Silver Part I Introduction This article explains the rules of riba (usurious gain)
Usurious gain or interest (Riba) is one of the main prohibitions in Islamic transactions. This article illustrates how riba applies to trading food, gold, and silver. It examines the rulings that make the transactions valid and acceptable under the Shariah law. The purpose is to help ensure that trade in Islam is fair, clear, and Shariah-compliant.
#5 The Things Exchanged in a Transaction Part II: Lawful Disposal Over the Property, Being Determinately Known Introduction Islamic transactions
#4 Stipulating an Option to Cancel Period & The Things Exchanged in a Transaction Introduction The article explores key concepts
In the third paragraph of the book on Sale (كتاب البيع), the scholar, Imam Naquib Al Misri, summarises the options of both the buyer and seller when it comes to cancelling the sale. Imam Naquib also expands on the different scenarios such as the number of days the agreement can be cancelled, which party can have the right to cancel and what transactions should have immediate exchange of possessions. We delve further below:
The first lesson, “Introduction and Revealed Guidance Navigation,” delves into the foundational sources of Shariah in Islamic finance, highlighting the Qur’an, Sunnah, and Ijma’ as key elements. The lesson explains how these sources guide the principles of Islamic finance, ensuring alignment with Shariah values such as fairness, justice, and ethical integrity. It emphasizes the importance of understanding the Sunnah, which includes the verbal, physical, and tacitly approved practices of Prophet Muhammad صلى الله عليه وسلم, to maintain the moral and legal standards in Islamic finance. By adhering to these principles, Islamic finance promotes a sustainable and just economic system that benefits both individuals and communities.
The summary for this paragraph in the book The Reliance of the Traveller (عـمـدة الـسـالـك و عـدّة الـنـاسـك) offers an easy-to-understand overview of Islamic sale transactions, particularly on the aspect of the buyer and the seller. It explains the key requirements for a transaction to be valid, such as the importance of maturity, sanity, and consent. The notes highlight situations where transactions are not allowed, like those involving minors, individuals with mental challenges, or selling religious items like the Qur’an to non-Muslims. It also touches on specific rules for transactions involving slaves and when coercion might be justified in legal settings. Overall, it provides a clear and practical guide to navigating Islamic financial transactions with integrity.
“The Reliance of the Traveller” by Imam Naquib Al Misri is a foundational Shafi’i Fiqh text, guiding Muslims in spiritual living and legal transactions, emphasizing ritual worship and lawful sales. It elucidates six components of valid transactions, including spoken offers and acceptances.
