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PREPAYMENT (SALAF) TRANSACTION AND ITS CONDITIONS → ← BUYING AND SELLING FRUIT

IMMEDIATE EXCHANGE (NAQD) AND CREDIT (NASĪʾAH) TRANSACTIONS

Ruling 2114. If a commodity is sold in an immediate exchange transaction, both the buyer and the seller can claim the commodity and the payment from each other after the transaction and take possession of them. The handing over of a moveable commodity, such as a rug or clothes, and an immoveable commodity, such as a house or land, is realised by relinquishing the item and making it available to the other party in a way that he could have disposal over it if he wanted. This would be different in different cases.

Ruling 2115. In a credit transaction, the deferment period must be precisely defined. Therefore, if a person sells a commodity with the understanding that he would get the payment at the beginning of harvest, the transaction is invalid because the deferment period is not precisely defined.

Ruling 2116. If a commodity is sold on credit, the seller cannot claim payment for it from the buyer before the completion of the agreed deferment period. However, if the buyer dies and leaves behind an estate, the seller can claim payment from the heirs before the completion of the deferment period.

Ruling 2117. If a commodity is sold on credit, the seller can claim the payment for it from the buyer after the completion of the agreed deferment period. However, if the buyer is unable to pay, the seller must give him respite or annul the transaction and take back the commodity if it still exists.

Ruling 2118. If a person sells a commodity on credit to someone who does not know its price and the seller does not tell him the price, the transaction is invalid. However, if he sells the commodity for a higher price to someone who knows its immediate exchange transaction price – for example, he says, ‘The commodity I am selling to you on credit is £10 more than its immediate exchange transaction price’, and the buyer accepts, there is no problem.

Ruling 2119. With regard to a person who has sold a commodity on credit and has specified a time for receiving the payment, if he, for example, reduces the amount he is owed after half of the deferment period has passed and takes the rest immediately, there is no problem.
PREPAYMENT (SALAF) TRANSACTION AND ITS CONDITIONS → ← BUYING AND SELLING FRUIT
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