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IN MAKKAH STUDYING
ABROAD Q&A TRANSLATIONS ARTICLES INTERACTIVE SCHOLARS RECOMMENDED COMMERCE
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Bay', the Arabic word used for business transactions, comes from the Arabic word for an outstretched arm (al-baa'u), since each of the participants in the sale extends his hand to give and take. Thus the linguistic meaning of the word bay' is: "To receive something and to give something." The technical definition of bay' (business transactions) in Islam is: "The exchange of a specified form of property or permissible service for its likes or for a debt to be paid, entailing the change of future ownership, not based on usury, and not a loan."
Buying and selling is halaal (permissible) in Islam due to textual evidences from the Quran and the Sunnah, and due to scholarly consensus and logical reasoning as well. The Quran: ( And Allaah has made business transactions permissible ) [1] ( And take witnesses when you buy and sell ) [2] ( Except transactions done based on mutual agreement between you ) [3] ( There is no harm upon you to seek after the bounties from your Lord ) [4] The Sunnah "The two participants in a sale have khiyaar (the option to opt out) so long as they do not separate…" [5] "Verily business transactions are (done) upon mutual agreement." [6] "When you sell (something), weigh it; And if you buy (something), have it weighed." [7] Scholarly Consensus Due to the clear evidences of the Book and the Sunnah, the scholars of Islam have unanimously agreed that buying and selling is permissible. Logical Reasoning Shaykh Saalih al-Fawzaan stated, "As for logical reasoning, then from the angle that people's needs require the existence of buying and selling, since mankind needs what others own, either their money or their products, and they will not give up what they have without trading it for something. So then logic has necessitated the permissibility of business transactions for the sake of attaining what is needed." [8]
A sale takes effect with an offer (eejaab) and an acceptance (qabool). This may be done verbally, for example: Seller: "Buy this product from me for $5." Buyer: "I will take your offer." The sale also takes place if either or both the offer and acceptance are done by gestures or indications that are clearly understood in the culture of the participants of the sale. An example of this: The buyer holds up a product as if to ask how much it costs. The seller raises his hand with three fingers showing. The buyer puts $3 in the seller's hand.
FOOTNOTES [1] the meaning of Soorah al-Baqarah (2):275 [2] the meaning of Soorah al-Baqarah (2):282 [3] the meaning of Soorah an-Nisaa' (4):29 [4] the meaning of Soorah al-Baqarah (2):198 [5] An authentic hadeeth collected by al-Bukhaaree (#2108) and Muslim (#3836) on the authority of Hakeem ibn Hizaam, may Allaah be pleased with him. [6] An authentic hadeeth collected by Ibn Maajah (#2185) on the authority of Aboo Sa'eed al-Khudree, may Allaah be pleased with him. Al-Albaanee called it saheeh. [7] An authentic hadeeth collected by Imaam Ahmad on the authority of 'Uthmaan, may Allaah be pleased with him. Al-Albaanee called it saheeh in Irwaa' al-Ghaleel (#1330). [8] al-Mulakh-khas al-Fiqh-hee (2/7)
TEST YOUR UNDERSTANDING What is the linguistic origin of the word bay'? What is the technical definition of the word bay'? What is the proof for the permissibility of business transactions? What are the two components of a business transaction and how do they take place?
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RELATED ARTICLE Hidaayatur-Raaghib (#2): Six Conditions for the Validity of a Sale in Islam
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