International Islamic University, Islamabad.

Faculty of Management Sciences

Spring 2020, Midterm Exam

Course Name: Islamic Law of Business Transactions Instructor: Maryam Jamil (Advocate High Court)
Course Code: GEN113 Batch: 39 A
Max Marks: - 40(40%) Time Allowed: - till 17th June 2020
Note:
• Only the guided format of submission of midterm will be graded. Any other file format will not be
accepted.
• Late Submissions and Copied Submissions will not be graded.

Question:
Read the following preposition and answer the questions in the light of basic principles of Islamic Law of
Business Transactions.
Ahmed Ali belongs to a Nawab family. His father Ali Saeed owns many properties in different cities. Despite
of old age of 90 years, Ali Saeed looks after his properties by himself and did not divide it into his family.
Ahmed Ali has five daughters and One Son. One day, suddenly Ahmed Ali got heart attack and admitted to
hospital. After five days, his condition becomes critical and he dies. Soon after his death, his only son Hayat
Ahmed claims that his father (Ahmed Ali) gifted all of his future inherited property to him through a gift
deed. The Gift deed neither mentioned the date, time and place nor the name of the witnesses. Likewise there
was no mention of the acceptance of gift in presence of witnesses. Now, Hayat Ahmed claims that all of the
inherited property belongs to him only and there is no right of any other family member on it. At the other
hand, Ahmed Ali’s five daughters are also claiming their legal right over the property.
Q. No.1. What are the basic principles of Islamic law of Business Transactions which are lacking in this
case? State your answer along with Verses of Holy Quran and Hadith. (20)
Q. No.2. Can Hayat Ahmed claim the property of Ahmed Ali, when the real owner Ali Saeed is alive and did
not distributed his property among the heirs? (10)
Q. No.3. Five daughters of Ahmed Ali are also claiming their right over the future inherited property. What is
the ruling of Islamic law regarding the property which is not in ownership and possession of a person but still
he is claiming a right over it? State your answer by strictly keeping in mind the principles of business
transactions in Islamic Law.

Best of Luck