Loan (Qard) - Appendix C (Definitions)

Transcription

1. Shari ’ah Standard No. (19): Loan (Qard) Appendix (C) Definitions Benefit Arising from Qard It is a benefit or an interest that is derived by the lender in a contract of Qard due to this contract. Current Accounts These are loans that constitute the current accounts insofar as the bank comes to own these amounts and it is possible for the owner of these accounts to withdraw these amounts at any time he likes. Mithlis (Fungibles) These are cash, things subjected to cubic measure, weight, linear measure and very similar countable things that do not differ to an extent that their difference will lead to a difference in their value. Qimis (Non-Fungibles) These are types of wealth whose difference, one from another, leads to a difference in their value, as in the case of animals. Legal Capacity for Donation It is the ability of the subject (Mukallaf) to grant wealth or a benefit to another in the present or in the future without compensation in lieu thereof and with the usual intention of piety and the doing of good. Legal Capacity to Undertake Transactions It is the ability of a person to commit an act or to issue a statement in a manner that is acknowledged by the Shari’ah, and the underlying basis is discretion, reason and puberty. Deficient Legal Capacity for Execution It is the ability of a person to undertake certain transactions and not others so that the execution of such transactions depends upon ratification by another. 533