Answer: The following are the
rules governing a Murabaha transaction:
1. The subject matter of sale
must exist at the time of the sale. Thus anything that may not exist at the
time of sale cannot be sold and its non-existence makes the contract void.
2. The subject matter should be
in the ownership, either actual or constructive, of the seller at the time of
sale. If he sells something that he has not acquired himself then the sale
becomes void.
3. The subject matter of sale
must be in physical or constructive possession of the seller when he sells it
to another person. Constructive possession means a situation where the
possessor has not taken physical delivery of the commodity yet it has come into
his control and all rights and liabilities of the commodity are passed on to
him including the risk of its destruction.
4. The sale must be instant and
absolute. Thus a sale attributed to a future date or a sale contingent on a
future event is void. For example, 'A' tells 'B' on 1st January 2009 that he
will sell his car on 1st February 2009 to 'B', the sale is void because it is
attributed to a future date.
5. The subject matter should be
a property having value. Thus goods having no value cannot be sold or
purchased.
6. The subject matter of sale
should not be a thing used for an un-Islamic purpose.
7. The subject matter of sale
must be specifically known and identified to the buyer. For Example, 'A' owner
of an apartment says to 'B' that he will sell an apartment to 'B'. Now the sale
is void because the apartment to be sold is not specifically mentioned or
identified to the buyer.
8. The delivery of the sold
commodity to the buyer must be certain and should not depend on a contingency
or chance.
9. The certainty of price is a
necessary condition for the validity of the sale. If the price is uncertain,
the sale is void.
10. The sale must be
unconditional. A conditional sale is invalid unless the condition is recognized
as a part of the transaction according to the usage of trade.
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