Q.12 How does an Islamic society provide the best protection to the buyer and seller of goods?
Ans: According to the Islamic mode of trade both buyer and seller must have attained the age of majority, must be of sound mind and have eyes. Therefore, one whether buyer or seller must not enter into Contract with a person who is a minor, idiot of unsound mind, slave, blind and with one who earns “Haraam” income, if either seller or buyer does so and the price is not recovered and any loss is caused, then according to Shariat, all losses would be borne by the trader.”
Under Islamic provisions of trade, a Contract of sale must have the following essential elements.
(i) Parties of the Contract .
(iii) Contract ofSalebetween the parties
(I) PARTIES OF THE CONTRACT
There must be parties to the contract of sale of goods i.e. the buyer and seller. The two parties must be competent to contract only then valued contract of sale will be effected.
(II) SUBJECT MATTER OF GOODS
The goods to be traded must be fulfilling certain conditions only then the contract of sale will be valued under Islamic provision. First, the goods must be “Halal” and in no way different in any manner. Such goods as liquor, pig, and meat of a dead animal have been declared as “Haraam”, and cannot bfi treated; second, the goods must be traded to profit purpose. Third it must be in the lawful custody of the seller and should be in a deliverable state. Hence, such goods as birds in the year, fish in the water and an unborn animal cannot be traded.
Fourthly, a pledge of the goods cannot be sold without the permission of pledger. Finally, the seller must disclose the defect of the goods, if any to the buyer.
CONTRACT BETWEEN THE PARTIES
Saleof goods under Islamic provision is a contract between a seller and buyer. For valid Contract it must be an offer and acceptable. The Contact also follows with lawful consideration. There must be a law object and free consent of the parties.
Salecould either be on cash or credit base, but time of credit paid should he fixed. At the time of saje the seller must have the ownership of the goods.
Islam allows sale but prohibits usury Next Post:
Distinguish between Riba-ul-Nasiah and Riba-ul-Fadl