Post on 15-Apr-2017
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CHAPTER 3BUSINESS IN ISLAM
INTRODUCTION
BASIC OF BUSINESS IN ISLAM Business is the exchange of goods with goods or
money to the items involving the sellers and buyer.
Business in Islam is also regarded as the most abundant source of livelihood. The Prophet has said in a hadith says: "9/10 provision is coming from the business." (Riwayat by Tirmidhi).
It also able to get profit based on ability, skill, intelligence and efficiency.
BASIC OF CONTRACT IN ISLAM
Definition of sale :
Trading is the exchange of goods with goods or money to the items involving the sellers and buyer.
TRADING LAW Trading is permissible and lawful by the
words of Allah
Transaction is considered null and void if not prefect rule of sale and purchase
Transaction is considered valid when all the pillars of trading carried out properly
> SELLER He must be capable of taking responsibility- Has attained the age of puberty (baligh)- Has attained majority ( rasheed / 18 years old)
He must not be prohibited from dealing with his property- Not bankrupt- Not wastrel (safih)
There is no coercion exerted him
> BUYER He must be capable of taking responsibility- Has attained the age of puberty (baligh)- Has attained majority ( rasheed / 18 years old)
He must not be prohibited from dealing with his property- Not bankrupt- Not wastrel (safih)
There is no coercion exerted him
SUBJECT MATTER • It must exits
• It must owned by the seller- It is legally owned by the seller. - The goods of other people can not be sold
• It must capable of being delivered- Free from encumbrances
• It must have some use
• It must be of pure substance.
• It must not be of any of the following substance:- Dogs and pigs- Any intoxicating liquid- Carcasses- Blood, pus, and vomit- Droppings and urine- Milk of animals not eaten by men.
PRICE- It must be know in currency and absolute
amount.
> OFFER AND ACCEPTANCE (SIGHAH)
CONCEPT AND METHODS OF BUSINESS IN ISLAM
1. MUDHARABAH• Is a contact when the owner of capital entrusts his funds to
an entrepreneur who contributes skills in a business and the profits generated is to be shared between them.
Rule Mudharabah:- The owner of the capital- Businessman- Capital- Work / business - Profit- Sighah : ijab / qabul
Types of mudharabah• Mudharabah mutlaqah / free• Mudharabah muqaida / limited
Muamalat function in mudharabahoTrustee of the capital received from the landlord.oSubjected under the law wadi’ah.oRepresentative of the landlord and subject to the law
wakalah oShared hosting partners and subject to the laws of capital
musyakarah
2. AL-MUSYARAKAH Musharakah is a general partnership whereby two are
more parties into a contract to exploit their labour and capital jointly and to share the profits and losses of the partnership.
Rule Musyarakah:• Shareholders• Capital• Project• Sighah : ijab / qabul
Types of Musyarakah
- Company al-‘Inan:A partnership of two or more to contribute the capital to finance a project
and to share the profit between them
- Company al-mufawadhah: An equal partnership between two or more, where each contributes the
same amount of capital and to share the same amount of profit and work.
- Company al-wujuh: A partnership of two or more without contributing capital.
- Company al-abdan
3. AL-MURABAHAH Refers to the sale of an item at a price that includes a profit
margin as agreed by both parties.
Rule Murabahah- Seller- Buyer - Goods sold`- Price- Sighah: ijab / qabul
Provided murabahah- Trust the sellers to state the actual capital goods to be sold to the buyers.- Both sides agree on the rate of profit in addition to the actual cost.
4. AL-BAI’BITHAMAN AJIL A sale with the payment of the selling price deferred to an
agreed later date.- The merchandise exists at the time of contract.- The Shariah does not require that the cost price be known to
the buyer.
• Pillars of Al-Bai’Bithaman Ajil- Seller- Buyer- Assets/Goods- Price- Sighah
5. AL-BAI’ SALAM
Purchase price payments made with cash (earlier) and article submission hold forth to the future.
Trading rule bai’ul salam:- Seller / receiver order- Buyer / booker- Goods- Price- Sighah : contract ijab / qabul with salam words
Specific conditions of sale bai’ul salam- Contract shall be referred to with the word salam- Price submission immediately (first)- There is no reason to prohibit deferment of syariah (ribawi
items)- The agreed price of goods- Goods delivered at the time and place fixed Delayed
submission goods on time- Stocks sales only for goods deemed accurately in terms of
shape, number, measure, weight, type, quality and others.
6. AL-WADIAH• Definition:
Al-Wadiah is an agreement between the owner of the goods to keep belongings with others as the item in order to be kept and cared for her safety.
• Specific condition of Al-Wadiah:- Owner of the property- Custodian of the property- Property of safe keeping- Ijab and Qabul
AL-QARDHU HASAN
In giving Qardh Hasan the two following matters must be observed:
i. The lender must not impose any extra payment in the contract.
ii. The borrower must not promise in the contract to pay anything extra.
AL-RAHN
Agreement between the chargor goods by the receiving party chargor charges which produce a valuable item as collateral for the party receiving the charge.
Purpose ar-Rahnu- Assure that the rights of a debt or loan given would be lost if
the parties are unable to settle a debt owned.
Rule ar-Rahnu- Mortgage - Charge- Pledge- Charge of debt obligations - Sighah : ijab / qabul
Law ar-Rahnu- From Shariah perspective, it must be bought and sold items
AL-IJARAH• A sale of the use of another’s property.- The property rented belongs to the lessor- The lessor has the right to repossess the property on default of the
lessee
Ijarah- Seller – lessor- Buyer – lessee- Asset – asset- Price – benefit (use or usufruct)- Contract- rental- Contract
AL-WAKALAH
Agreement between the appointed representative of a party with representatives from the other.
Money or properly received by a representative called wadiah Representative can take his wages for service execution