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Ijarah dan al sarf
1.
2. •Literally : Sale and purchase of money for
money including gold and silver.
• Technically : Sale of money such as the sale of
gold-for gold or silver-for-silver.
3. • Maliki scholars considers money exchange
only if the sale of gold-for-gold or silver-for-
silver but gold for silver does not belong to
such transactions.
• Bay’ al-sarf is a sale of something that is price
in its own nature for something which is also a
price.
• It is regarded, as the sale of price for price and
each price is a consideration for the other.
4. • Hadith:
– Ubadah ibn Samit narrated that Rasulullah (s.a.w) said
that: “Gold for gold, silver for silver, wheat for
wheat, barley for barley, dates for dates, and salt for
salt, should be exchange like for like, equal for equal
and hand-to-hand. If the types of exchanged
commodities are different, then sell them as you
wish, if they are exchanged on the basis of hand-to-
hand transaction.”
• Narrated by Muslim
• Ijma’
– All Islamic scholars unanimously agree on the
permissibility of bay’ al-sarf as it has been practice by
the people since the time of Prophet (s.a.w) until now
without any objections.
6. Taking possession before leaving one another
• It is necessary that both the things exchanged shall be taken
possession before the separation of the parties.
• This is because departing with debts on both sides is not permitted
as it is regarded as sale of debt against debt (bay’ al-kali’ bi al-kali)
which is prohibited.
Equal for equal transaction
• There can be no credit or postponement of delivery. The principle
concerning money is that it cannot be sold or bought on credit.
• If the currency trading involves the exchange of currencies of the
same genus such as silver for silver or gold for gold, they must be
transacted in like-for-like even if they differ in quality since
consideration is given only to quantity.
CONDITIONS OF BAY’ AL-SARF
7. Freedom from khiyar syarat
• An option of condition cannot be stipulated. One of the
contracting parties may stipulate certain conditions which if
not met would grant a legal right to the stipulating party to
rescind the contract.
• However, khiyar ‘aib (option of defect) is allowed.
Non deferment
• Delivery of both counter values should not be deferred to a
certain point of time in the future.
• If one of the parties stipulated a deferment in the receipt of
one of the currencies, the contract is rendered null and void
as it has been prescribed that exchanges of goods eligible
for riba should be on a hand-to-hand basis.
8. • Bay’ al-sarf is applicable to modern spot forex
which is based on the spot rate which the deal
settlement is expected to be completed shortly
after the contract has been executed.
• Majority of scholars opine that different
currencies of different countries consist of
different intrinsic values and purchasing power.
• There are several IFI offer products construct
using bay al-sarf such as:
– Gold investment savings account
– Shariah compliant forex investment product
9. Literally : Ijarah came from the root word which
means compensation or . It also means the sale of
usufruct.
Technically : A contract of proposed and known
usufruct with a specified and lawful return or
compensation for the effort or work which has been
expended
~It is used to express the sale (bay’) of a known
benefit in return for its known equivalent.
Al-Ijarah
10. • Al Ijarah means leasing. As in a normal lease
transaction, a lessor who owns the leased
asset will lease it to the lessee in exchange for
rental. The lessee will get the full benefit of
using the lease asset within the specified
period for as long as he adheres to the lease
terms and conditions. At the end of the lease
period, the leased asset will be returned to
the lessor.
11. Nature of al-Ijarah
Lease is a contract by which the owner of land, a building
allows another person to use it for a specific time, usually
in return for a rent
Al-Ijarah means a lease contract as well as a hire contract.
Al-Ijarah, is also known as al-Kira‟. It is like someone who is
selling to someone else a right to benefit or as a payment
for services with a certain price to be paid for it.
• In the context of Islamic banking it is a lease contract under
which the bank or financial institution leases equipment or
a building to one of its clients against a fixed charge
13. a) Al-Mu’ajjir,
the lessor (or
the landlord)
b) Al-Musta’jir,
the lessee (or
the tenant)
c) Al-Ma’jur, the
property on
lease
d) Al-Manfa’at,
the benefit
e) Al-Ujrah, the
payment for
lease
f) Al-Sighah, the
contract of lease
pillars for al-
Ijarah under a
lease contract
