Allah (S.W.t) make
anything permissible that will be maintain justice, harmless to the
individuals, families, societies, countries and the world. And forbid anything will that will create
injustices, harm peoples, families, societies, countries and the world at
large. From majelle the aricle the sale
of debt or Dyn is been define as “the thing due which can be in the form money
or commodity been owed by a certain debtor”
this sale can be payable duty or receivable debt to the debtor himself, or to any third
party a paid instantly or for delayed the payment. There are no unauthentic on the forbiddance of
sale of debt in the holy Quran and the authentic Sunnah at this moment; there
are different ruling among traditional Muslim scholars concerning on the
acceptability of the sale of debt. The secondary marketplace of debt (debt
reselling) and debt based securities is possible through Bai-al Dayn as in an occasion
of a diversity of Malaysia-based sukuk. Conversely Jumhur
Scholars does not accept it,
despite the fact debt represent by sukuk is reinforced or supported by an underlying assets. The custom Muslim jurists are
undisputed on the opinion that Bai al Dayn using discount or premium is not
permissible in shariah.
The awesome preponderance of modern
Shariah scholars are also on in the same opinion. Before going further I will
like to first and foremost, the debt reselling has different rulings, some of
the Muslim scholars permitted with a condition to make the transactions valid
and which I am on support of provided that the condition has been fulfilled ,
while in the other hand some jurist forbids it with a reasons why the
transaction is not permissible in Islam.
1)
Why
the reselling of debt is permitted in Islam…?
2)
Why
the reselling of debt is not permitted in Islam…?
It is permitted to trade a confirmed debt to a
third party for the reason that these debts are deliverable without obstacles
or impediments in the transactions. Correspondingly, the Maliki madhab has
permitted the sale of debt subject to with extra circumstances to be fulfilled.
Firstly the
reason known why the reselling of debt known as “Bai‘al Dayn” is allow in
Islam. , the sale of
debt must be obeyed strictly to the forbidden etc. riba and gharar. However, the debt is unsecured, somewhat asset base and well secured. Its disbursement almost convinced and make sure there is no question
about the uncertainty known as gharar. According the jurist give its rulings in various circumstances appear
to fit the changed veracities of the contemporary times.
Secondly, it is an
obligation that the transaction should not include food items or money or
somewhat ever ribawi item that had been stated in the hadith and
evidently, trading currency for currency is not permitted.
Thirdly, the debt is an obligatory to be
sold to the former, to the formal act of receiving or likewise vending of the
liquidated debt would be imbalanced to the fresh creditor.
Fourthly, a particular price of sale
requirement has to be paid straightaway in order to circumvent the vending
(selling) of debt for a debt (kali bi al kali) which is forbidden in the
shariah perspectives. The borrower is required to acknowledge his/ her in order
to avoid uncertainty in the transaction
that may lead to invalidate the debt and also the borrower is required to
takeover duty of the debt. Most vitally
there is no enmity subsists amongst the Brower and buyer.
Fifthly, an individual price sale requisite
in various geniuses from the debt to circumvent or avoid the riba al-fadl.
Furthermore, is an obligation upon the borrower to be present for the duration
of the conclusion of sale flanked by the seller and fresh purchaser. Therefore his monetary upright is known to
the purchaser.
From
the point of view of imam Maliki, is that if all the stated conditions are
destined to protect the like hood of nonpayment of debt or non-delivery of debt
to the fresh creditor and borrower (debtor) do not control them against their wishes
or subjected to unfairness. According to his opinion, he
says this is applied and would serve by means of credit risk’s extenuation or
mitigation in contemporary Islamic
Finance.
Lastly
if all this rulings can be collected ;
as general principle ,trade of debt at its equal value and the spot payment is
permitted in Islam. From the majorities of the jurists, this permitted ability
is supported by a Hadith related by that Abd Allah Ibn Umar, said, , “I came to
Prophet (s.a.w.s) and said, I sell a camel in al Baqi, with the price
denominated in gold coins and collected in silver coins and sell them in
denominated silver coins and collecting in gold coins” prophet (S.A.W) then said,
“there is no harm in a condition that you receipts it at its spot price, provided
that you do not depart without completely finalizing the transaction”. On the behalf of this hadith, sale of debt was
opined to be ratified by prophet Muhammad (S.A.W) (Wahbah
Zuhayli, 2003)
this ideal is later endorsed as a result of the Islamic Fiqh of Jeddah, they
held that sale of debt for prompt payment is allowed in 2002.in order words,
debt is required to be sold at the equivalent value; it should be more or
lesser any extra amount accumulating as of the sale of debt is amount to riba.
The reasons
why debt reselling Islam, is not permissible according to the majority of the
Umala or scholars their views concerning the types of transaction that make it
forbidden in Islam and we practice it in
our societies and countries at large. These views are as follows.
The
“Al Ka_li bil K_ali”, a maxim in the Fiqh literature prohibits the sale of
debt, of exchanging of two things both of which are delayed or account value
for other delayed counter value.
The rehearsal
of Bai‘ al K_ali bil K_ali was widespread amongst the Islamic jahiya Arabs period and also called Bai‘ al-Dayn bid-Dayn.
What is forbidden as a result of this agreement is the purchase by a man of
commodities on the credit for a fixed time, and, at what time period of recompense
comes and he then relies that he is shortage of money to pay the debt, he
then said: “Sell it to me on credit for extra time, for something extra”. There is
report from Prophet Muhammad (S.A.W)
prohibited such kind of sale. This rule has nearby worldwide application and
has earned canonical power in Islamic rule as Ijma‘a or consensus.
A credit
manuscript developing from any deal of credit sale signifies a debt which Can’t
be sold according to Shariah law due to the involvement of uncertainty known as
Gharar or Riba. A dealer vending a commodity on credit and thus having a bill
of exchange, in Islamic finance you can’t sell a promissory note as t is been
practice in a conventional bank system. In other way, the bank can be serving
as trader and purchase the commodity as of its producer and formerly sell it to
another person who requests it on credit, keeping a margin for himself. “Whoever buys foodstuff should not sell it
until he has received it in full.” Ibn ‘Abbas said, “And I think that the law
of everything is as foodstuff.” (Muttafaqun ‘alaihi) from this
hadith we learn that sell something until he has received it in full.
In conclusion
Selling of debt in the form of promissory notes is forbidden the evident is
Centered on the transaction, that is forbidden is Islam to work in the
corporations and institutes in which they buy people’s debts, either by using
method of letters of credit, checks and in phone bills form etc. this an advice
to those go counter the command be careful about trials and tribulations of
Allah (S.W.T) befall them). An individual who wishes to work in this kind
of businesses should comprehend that, moreover when you let go off something
for the sake of Allah (S.W.T), Allah will compensate that individual with
something healthier than that. As Allah (S.W.T) said in (Quran, Saratul -Noor 24:63)and whosoever fears
Allah and keeps his duty to him, He will make a way for him to get out from any
difficulties. And he also said in (Quran, Suratul Talaaq 65:2-3) that He will
provide him from (sources) he never could imagine.is it good to follow what whatever
is permissible in Islam and prohibit those that Islam prohibit.
Bibliography
Arifin, D. M. (2013, January 8). SYARIA.
Retrieved from Question and Answer:
http://syaria.com/413-question-and-answer-property-business.html
Ayub, M. (2007). Understanding
Islamic Finance. West Sussex: John Wiley & Sons Ltd, The Atrium,
Southern Gate, Chichester,.
Munajjid, S. M.
(2017, December 18). Islam Question and Answer. Retrieved from Islam
Infor: https://islamqa.info/en/147783
Quran. (Saratul
-Noor 24:63).
Quran. (Suratul
Talaaq 65:2-3).
Wahbah Zuhayli.
(2003). Selling of debt.
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