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In Ah

In Ah

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Published by Alessandro Del Luce

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Published by: Alessandro Del Luce on Feb 11, 2011
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02/11/2011

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1
SYARIAH IN ISLAMICBANKING & FINANCE
Chapter 9:Bay’ Al-Inah
1.
Definition & Nature of Bay’ Al-‘Inah
Linguistic Definition of Bay’ Al-‘Inah
salaf 
, or contracting a loan. It is used in thismeaning to refer to purchasing on credit
one purchases an asset for its subsequentsale on cash
Technical Meaning of Bay’ Al-‘Inah
sale of a commodity on credit andrepurchasing it for a lesser amount in cash
 
2
2.
Types of ‘Inah
The First Type
explicit statement of intention to enterinto a twin contract
repurchase asset cash price lower thanthe former deferred price
invalid and impermissible by theconsensus
2.
Types of ‘Inah
The Second Typetwin sale
the commodity is sold to the second party on credit, isdelivered to him
seller repurchases it at a cash price lower than the formercredit price, without there being any condition in thecontracts that necessitate it
contracts in this case are independenta complete and full-fledged contract not madeconditional to the otherresults in the creation of legal consequences in theform of rights and obligations on the partiesShafii School hold this type reprehensible, though,valid, while some others hold it invalid
 
3
2.
Types of ‘Inah
The Third Typethree or more parties involved
 – 
a person purchases an asset from another andtakes possession of it
 – 
thereafter selling it to the seeker of
inah 
oncredit, at a price higher than the initial cost
 – 
seeker of
inah 
, after purchasing the asset, sellsit back to the original seller at a lower cashprice
considered to be of lesser significanceSome forms correspond to
tawarruq 
3.
Legitimacy of ‘Inah According to MuslimJurists
The Maliki Jurists-invalid
The Hanafi Jurists-invalid
The Shafi Jurists-valid and reprehensible
The Hanbali Jurists-invalid
4.
Denouncers of ‘Inah
The overwhelming majority of Muslim juristshave disapproved
inah 
as a transaction that itcould involve
riba 

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