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FUNDAMENTALS OF SHARIAH
presented by
CONTENTS
1. Participating Contracts
- Types of Participating Contracts
- Essential Elements
- Necessary Conditions
2. Supporting Contracts
- Types of Supporting Contracts
- Essential Elements
- Necessary Conditions
Shirkat Milk
(Holding Partnership)
Shirkat Uqud
(Contractual Partnership)
Inheritance (Faraid)
Will (Wasiyyat)
Mudharabah
(Trustee Partnership)
Shirkat Amwal
(Partnership in capital)
Shirkat Mufawada
(equal shares)
Shirkat Wujuh
(Receivable partnership)
Shirkat Inan
(unequal shares)
PARTICIPATING CONTRACTS
Definitions of Musharakah and Mudharabah
Mudharabah
(i) owner(s) of capital
(ii) entrepreneur
(iii) capital
(iv) business
(v) profit sharing
(vi) contract
(1)
Musharakah
its
i.e.:
the
tense nor
and
one and
Contract
There are three necessary conditions,
(i) in definite and decisive language. In
present or past tense, not future
imperative
(ii) acceptance must agree with offer
(iii) offer and acceptance made at the
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(2)
Partners must meet
necessary conditions:
(i)
the
following
four
(ii)
not prohibited from dealing
properties:
- not declared bankrupts or
- not declared prodigals
(iii)
with
their
(iv)
capable
appointed as
of appointing
agents.
agents
and
be
(3)
Capital
There are five necessary conditions:
(i)
(ii)
(iii)
(iv)
(v)
(4) Business
There are two necessary conditions:
(i)
(ii)
halal and
managed by all the partners
(2)
Mudharabah
its
i.e.:
the
tense
and
Contract
There are three necessary conditions,
(i)
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(ii)
not prohibited from dealing
properties:
- not declared bankrupts or
- not declared prodigals
(iii)
with
their
(iv)
capable
appointed as
of appointing
agents.
agents
and
be
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(4)
Capital
There are five conditions:
(i) money only
(ii) not debt
(iii) specific amount
(iv) from owner(s) of capital only
(v) paid to entrepreneur
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(5)
Business
There are two necessary conditions.
(i) halal
(ii) managed by entrepreneur only
(6)
Profit Sharing
The two necessary conditions are:
SUPPORTING CONTRACTS
Supporting contracts most often used in connection
with debt financing are as follows:
-
rahn (pledge)
dhaman (guarantee)
wakalah (agency)
wadiah (safe custody), and
ibraa (rebate)
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Pledgor
Pledgee
Obligation or right to a claim (debt)
Pledge (property pledged)
Contract : offer and acceptance
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(5) Contract
There are two necessary conditions of contract of
pledge :
(i)
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(v)
(vi)
(vii)
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Dhamin (guarantor)
Madhmun lah (creditor)
Madhmun anh (debtor)
Madhmun bih (debt)
Contract
(1) Guarantor
Guarantor must meet two necessary conditions as
follows:
(i) He must be capable of taking responsibility.
(ii) He must not be prohibited from dealing with
his
property.
(2) and (3) Creditor and Debtor
- Creditor and debtor must be known to the
guarantor.
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(3) Debt
There are three necessary conditions of debt as
follows:
(i) The debt must have been established and certain
(ii) It must be obligatory, i.e. an obligation on the
debtor
(iii) It must be known in amount
(4) Contract
- Contract must be absolute and in definite and
decisive language.
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(4) Contract
There is only one necessary condition relating to
contract.
- The contract must be in definite and decisive
language.
Types of Agency
- The property, right , business or work concerning
which the agent is to perform may be general or
specific. If it is specific, it must be specified in
the
contract.
- An agent may receive fees for his services.
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Duties of An Agent
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Hibah (git)
Lending and borrowing
Debt (deferred payment sale)
Wadiah (safe custody)
Rahn (mortagage)
Musharakah, and
Mudharabah
Depositor
Custodian
Deposit, and
Contract
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Types of Wadiah
There are two types of Wadiah:
1. Wadiah Yad Amanah (trustee safe custody)
2. Wadiah Yad Dhamanah (guaranteed safe custody)
In Wadiah Yad Amanah the custodian must safeguard the
deposit by
these three ways:
(i) Not mixing or pooling the deposits of the different
depositors under his custody
(ii) Not using the deposits; and
(iii) Not charging any fees for safe custody
If he failed in any of the above Wadiah changes to Yad
Dhamanah
where:
He has to guarantee (return or replace) the deposits to the
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owners if they were lost or destroyed.
Creditor (seller)
Debtor (buyer)
Debt (deferred selling price)
Ibraa (the partial refund of money paid)
Contract
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(4) Ibraa
There are two ways of dealing with Ibraa, i.e:
(i)
(ii)
(5) Contract
- It must be in definite and decisive language.
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Thank you
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