Sales Contract

ISLAMIC SALES

CONTRACT

MDM NOORDINA BINTI AB.AZIZ

Definition of Contract Sale

Literally: to conjunct, to tie, to knot, to contract and etc.

Means: ‘Aqd is a contract between to parties on a particular

subject matter which is to be concluded upon offer( Ijab) and

acceptance (Qabul) of the parties.

“O you who believe! Fulfill contractual obligation”

(Al-Maidah verse 1)

• Bay’’ refers both to the activities of buying & selling- derived from

the term ba’ (for arm) because one extends one’s arm to give or to

take.

• Means: Exchanging property for property, property for money or

money for property upon mutual consent among the contracting

parties.

- Al-Baqarah 175

-Al-Nisa’ 29

SALES TERMS & TYPES OF SALES CONTRACT

•

“Akad” or Contract Ceremony is a symbol of

willingness between the party that involve.

•

Ijab & Qabul is the symbol of willingness

between both party.

•

“Aqad” is an agreement between 1st & 2nd

party through “ijab & qabul” where it is a

endeavor of bonding an agreement.

•

The reason of having “akad” is to clarify &

produce willingness between both party who

is in contract & knowing it’s implication.

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SALES CONDITION

• Buyer & Seller’s Terms

– Willingness in transaction

– Both must hold responsibility

– Force selling is not valid

• Goods Terms

– The goods must exist

– Legally own by the seller who is in contract

– If there is any changes in contract, the buyer

will be given the rights for khiyar.(option to

continue the contract or not)

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SALES CONDITION

•

Price Terms

– Payment can be in cash, cheque, credit card etc

– Willingness in transaction

– Force selling is not valid

•

Sighah Terms

“Ijab” is the 1st step in a contract before “Qabul”

“Ijab & Qabul” can be done verbally (Bil Kalam),

written (Bil Kitabah), third party, sign language &

action

– Both must hold responsibility

– Force selling is not valid

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CONTRACT CEREMONY

(MAJLIS AL-AQDU)

• A...