Hamish qadiyah

Definition of "Hamish qadiyah"

Relating to the contract of murabahah, it is the amount paid by the orderer upon the request of the purchaser to make sure that the orderer is serious in his order of the asset. However, if the promise is binding and the orderer declines to accept the asset, the actual loss incurred to the purchaser shall be made good from the amount deposited by the orderer with the purchaser. If the amount is not sufficient to make good the loss, the purchaser will raise additional claim. But if the amount is more than the actual loss to the purchaser, the balance will be refunded to the orderer. The difference between bai‘ al-‘urban and hamish qadiyah is that in the case of the former, the purchaser forfeits the amount of the advance irrespective of his loss, which could be more or less. But in case of hamish qadiyah, the purchaser adjusts his loss against the amount and settles the account according to his actual loss.