The Concepts of Hibah and Wadi’ah

Slides:



Advertisements
Similar presentations
TAKAFUL THE ISLAMIC INSURANCE Dr Imran Usmani. Conventional Insurance It means a way to provide security / and compensation of what is valuable in the.
Advertisements

Money and Financial Institutions. In the monetary system goods and services are indirectly exchanged using money, which can then be exchanged for other.
Chapter 16 The Sales Contract. WHAT IS A SALE? Sale a contract in which ownership of goods transfers immediately from the seller to the buyer for a price.
Ryanne Lai 21 st June 2005 "What Happens to Your Web-based After You Die?"
Copyright Mohd Zulkifli Muhammad 1 AFS2023 USUL FIQH/ISLAMIC JURISPRUDENCE Maslahah Mursalah (Considerations of Public Interest) 5/1/2015.
Sales 1. How and why sales contract differ from contracts made under common law. 2. How and under what circumstances Article 2 of the Uniform Commercial.
Our today’s topic Law of Sales of Goods
Section 34.2 Handling Business Risks
Copyright Mohd Zulkifli Muhammad 1 AFS2023 USUL FIQH/ISLAMIC JURISPRUDENCE URF (CUSTOM) 5/16/2015.
Property Management Webinar Series TRUST ACCOUNTS Instructed by Abby Lee, Associate Counsel February 18, 2015 Download the PowerPoint slides now at.
AFS2023 USUL FIQH/ISLAMIC JURISPRUDENCE
Do not put content on the brand signature area ©2014 Voya Services Company. All rights reserved. CN Protecting Your Family’s Inheritance.
Introduction to Sharia Principles in Commercial Transactions
AFS2023 USUL FIQH/ISLAMIC JURISPRUDENCE
AFS2023 USUL FIQH/ISLAMIC JURISPRUDENCE
Essentials of Islamic Banking and Finance
23-1 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
Essentials Of Business Law Chapter 6 Introduction To Contracts McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
Law for Business Mr. Bernstein How Are Contracts Satisfied? pp November 17, 2014.
Business Law Chapter 1: An Introduction to Contracts.
Chapter 28 Real Property. What Is Real Property Land- Includes not only that surface of the earth, but also the airspace above it and whatever is beneath.
Chapter 12 Money and Financial Institutions
Read to Learn Discuss the functions and characteristics of money. Discuss three main functions of a bank.
2011©Cengage Learning. All Rights Reserved.. Agency and Broker’s Relationship 2011©Cengage Learning. All Rights Reserved.
PRESENTED TO: PROF. SHAHID GHORI
Chapter 7.  A contract where a seller transfers or agrees to transfer the property in goods to the buyer for a price.  In other words a contract to.
Copyright © 2010 Pearson Addison-Wesley. All rights reserved. 3-1 Meaning of Money What is it? Money (or the “money supply”): anything that is generally.
Essentials Of Business Law Chapter 8 Consideration McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
Essentials of Islamic Finance – IU Gulshan Campus, Slide # 1 Essentials of Islamic Banking and Finance IRSHAD AHMAD AIJAZ Takaful –
Fair Use Guidelines By Amy Lawrence, Amy Mahon, & Melissa Rafetto.
Offer and Acceptance Chapter 6.
Law for Business Mr. Bernstein Contracts: Transfer of Contractual Duties, pp November 14, 2014.
BANKING. Content bank and banking; the clients of the Central banks; the functions of the Central banks; bank services; modern trends in banking; negotiating.
Legal Documentation CONTRACTS FOUR ESSENTIAL ELEMENTS: –PARTIES TO A CONTRACT MUST BE LEGALLY COMPETENT –SUBJECT MATTER MUST BE LEGAL AND PROPER –MUST.
TAKAFUL THE ISLAMIC INSURANCE IBM – Introduction to Islamic Economics Lecturer in charge RA.Sarjoon 3/14/20161Islamic Insurance.
Date : 5/2/2014- Can have phones for calculators Content Objective: Students will evaluate and synthesis the process of buying and owing a car Language.
Chapter © 2010 South-Western, Cengage Learning Buying a Home Why Buy a Home? The Home-Buying Process 22.
McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. Money and Banking Lecture 6.
GT20202 FIQH MUAMALAT © Mohd Zulkifli Muhammad, All rights reserved INTRODUCTION TO FIQH MUAMALAT.
CREATION OF OFFERS Chapter 6-1. Contract Generally defined as agreements between two or more parties that create obligations.
Creation of Offers Copyright © Texas Education Agency, All rights reserved.
Accounting for Islamic Banks and Financial Institutions
Intellectual Property “The gift that keeps on giving.” Paul Royster, Coordinator of Scholarly Communications University of Nebraska-Lincoln Libraries June.
THE CONTRACT OF SALE FIQH MUAMALAT Copyright © 2011 MOHD Zulkifli Muhammad.
Law for Business, 17e, by Ashcroft and Ashcroft, © 2011 Cengage Learning 12.1 Law for Business, 17e by Ashcroft and Ashcroft Chapter 12: Third Parties.
9: Contract of Salam (Forward Sale) and Istisna’(Manufacture) GE20603 FIQH MUAMALAT Copyright © 2011 Mohd Zulkifli Muhammad.
 Literally:  To leave, quit, abandon the thing left with a person who is not its real owner for the purpose of safe keeping.  Technically:  Representation.
Buying and Selling Real Property CHAPTER THIRTY-ONE.
Theme: Dispute Resolution. Also: Capitalism & Centralization. 1. Underlying purposes of Contract Law 2. Elements 3. Unenforceable Agreements 4. Warranties.
UOP ETH 321 Week 3 Knowledge Check NEW Check this A+ tutorial guideline at week-3-knowledge-check For.
Lesson 5.2 Banking Services and Fees
COMMERCIAL LAW.
DEFINITION OF AGENT AND PRINCIPAL
FINA: Special Topic In Finance
Agency Law Objective 3.02 Understand agency law.
QUESTION 8 Capacity of Contracting Parties 1. Ahliyyatu al-Wujub 2
CHAPTER 21 Ownership and Risk.
QUESTION 8 Capacity of Contracting Parties 1. Ahliyyatu al-Wujub 2
The Concept of Ownership in Islamic Perspective
TAKAFUL THE ISLAMIC INSURANCE
The Procurement and Supply Manager’s Desk Reference Second Edition
Contract Defined A contract is a legally-enforceable agreement between two or more parties.
تسلیم کالای جانشین توسط بایع Deliver of Substitute Goods
4 Real Estate Transactions
Lesson 7-1 Quiz Review.
Meaning of Money What is it?
TAKAFUL COMPANIES.
Fundemental of Islamic finance Instructor: Zakariye Ahmed Mohamed
Chapter 11 Consideration
The Nature and Creation of Money
Presentation transcript:

The Concepts of Hibah and Wadi’ah GE20603 FIQH MUAMALAT

Copyright Reserved 2011 Mohd Zulkifli Muhammad Contents Hibah (a) Definition (b) Arkan of Hibah (c) The Condition of Hibah (d) The Types of Acceptance (e) Impediments to take back the subject matter of Hibah 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad Contents 2) Wadiah (a) Definition (b) Hukm (c) Arkan of Wadiah (d) The Conditions of Wadiah (e) Hukm Aqad (f) Circumstances of Wadi’ah that causes a ‘guarantee’ (g) Wadi’ah: Others Hukm 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad The Concepts of Hibah GIFT (HIBAH) Definition= Lughah: an Arabic term, derived from the word 'habubah', which literally means 'passing' or 'blowing' Istilah: one's wealth to others without the expectation of any replacement or exchange with the transferring effect on the ownership include gift and benevolence/alms What the differences between gift and benevolence/alms? Hukm= sunat* *refer to: Surah al-Nisa’:4, al-Baqarah:177 and al-Maidah:2. Prophet S.A.W: "Give each other and love each other". 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad The Concepts of Hibah Arkan of Gift (Hibah) 1) Sighah al- ‘Aqd (Offer and Acceptance) 2) The Parties 3) The Subject Matter 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad The Concepts of Hibah The conditions of Hibah The subject matter must exist The subject matter must Halal Owned by the party that offer the Hibah Legal capacity of the parties Must be accepted by the other party The subject matter in a good condition 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad The Concepts of Hibah 7) Legal to transacted 8) There is no limitation in terms of time 9) Completing of Hibah 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad The Concepts of Hibah The types of acceptance Acceptance through origin method Acceptance through Wakalah * Hibah must be without substitution 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

Copyright Reserved 2011 Mohd Zulkifli Muhammad The Concepts of Hibah Impediments to take back the subject matter of Hibah Substitute before finish the Hibah meeting Substitute after finish the Hibah meeting 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

The Concepts of Wadi’ah Definition= Deposit, trust. Technically a contract whereby a person leaves valuables as a trust for safe-keeping. Hukm: Sunat* Refer to: Surah al-Nisa’:58, al-Baqarah:283 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

The Concepts of Wadi’ah Arkan of Wadi’ah 1) The contracting parties 2) Wadi’ah 3) Sighah al- ‘Aqd (Offer and Acceptance) The conditions of Wadi’ah 1) The contracting parties: mumaiyyiz, puberty and mature 2) Wadi’ah: can be delivered 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

The Concepts of Wadi’ah Hukm of ‘Aqd: compulsory to protect the subject matter owned by Ijab party * Wadi’ah of 2 person to one custodian * Wadi’ah of 1 person to 2 custodians How to Protect the Wadi’ah 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

The Concepts of Wadi’ah Wadi’ah: is it a property legally entrusted to someone with instructions for its use (trust) or ensure to make safe or certain/give or be a guarantee of or to (guarantee)? 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

The Concepts of Wadi’ah Circumstances of Wadi’ah that causes a ‘guarantee’: Custodian fail to take proper care of Wadi’ah (neglecting) Leave out the Wadi’ah to someone else (not in him/her supervision) Using of Wadi’ah Travelling with Wadi’ah Mixing Wadi’ah with something else 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

The Concepts of Wadi’ah Wadi’ah: Others Hukm Transacting the Wadi’ah Loaning the Wadi’ah Differences in Wadi’ah Claiming a fee in protecting the Wadi’ah (custodian) Contradicting the Wadi’ah 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad

THANK YOU VERY MUCH FOR YOUR ATTENTION 7/4/2018 Copyright Reserved 2011 Mohd Zulkifli Muhammad