SUMMARIZATION OF CHAPTER 6

Definition of Contract Sale: Literally means to conjunct, to tie, to knot, and to contract.

Means : Aqd is a contract between two parties on a particular subject matter which is to be
concluded upon offer (Ijab) and acceptance (Qabul) of the parties.

Sale (BAY) refers both to the activities of buying and selling derived from the term ba’ (for
arm) because one extends one’s arm to give or to take.

Means : Exchanging property for property, property for money, or money for property upon
mutual consent among the contracting parties.

Pillars of sale:

• Sellers and buyers

• Item sold
• Price
• Contract (Offer and Acceptance)

Types of Sale:

• Al wadiah

Literally : To leave, quit, abandon.

Hadith

Technically : Representation in keeping possession or respectable private goods in a

specific way.

• Evidence: “Discharge the trust to the person who entrust it to you and do not betray
the one who betrays you” (Sunan Abu Dawud)
• Ijma’: The scholars from every single era of the Islamic era’s had came to a
consensus on the permissibility of the Wadiah contract since it is desired by the
people in general to the extent that it is actually an essential and vital contract for
the society.( Ghazali, Nasri, Hizam, 2002)

Conditions of Pillars
i) Seller and Buyer
• Not prohibited from dealing with their properties
• Capable of taking responsibilities
 • No coercion

ii) Item Sold

• Must exist
• Must pure ( Halal) according to Shariah
• Must be known and specific by address, description or specification.
• Must be owned by seller

iii) Price
• Must be in known currency
• Monetary system
• Barter trade
• Must be in absolute amount

iv) Contract (Aqd)

• Offer and acceptance must be absolute and in definite and decisive
language
• The acceptance must agree with the offer
• Offer and acceptance must be made at 1 & same meeting.

MURABAHAH

Literally : From word al-ribh which means increase in capital or profit of trading.

Technically : Sale in which the mark up is disclosed to the purchaser as per the seller’s
purchase price for a trust-sale for a certain specific asset.