Rahn - Appendices

Transcription

1. Rahn 23 of 27 APPENDICES Appendix 1 Legitimacy of rahn contract The legitimacy of the rahn contract is derived from the Quran and founded on the Sunnah of Prophet Muhammad (peace be upon him), and further supported by the consensus of Muslim jurists (ijma`). The Quran (i) The following verse of the Quran implies the permissibility of the rahn contract: ِ ِ ِ ‫ضا فَ ْليُ َؤِّد‬ ً ‫ض ُك ْم بَ ْع‬ ُ ‫وضةٌ فَِإ ْن أَم َن بَ ْع‬ َ ُ‫َوإِ ْن ُكْنتُ ْم َعلَى َس َف ٍر َوََلْ ََت ُدوا َكاتبًا فَ ِرَها ٌن َم ْقب‬ ِ ِ ِ ُ‫َّه َاد َة َوَم ْن يَ ْكتُ ْم َها فَِإنَّهُ آِثٌ قَ ْلبُهُ َواللَّه‬ َ ‫الَّذي ْاؤُُت َن أ ََمانَتَهُ َولْيَت َِّق اللَّهَ َربَّهُ َوال تَ ْكتُ ُموا الش‬ ِ‫ِِبا تَعملُو َن عل‬ ‫يم‬ ٌ َ َْ َ “If you are on a journey and cannot find a scribe to write the document, then [transact your business on the security of] a pledge in hand, but if you decide to trust one another, then let the one who is trusted fulfil his trust; let him be mindful of God, his Lord. Do not conceal evidence: anyone who does so has a sinful heart, and God is fully aware of everything you do” (Surah al-Baqarah, 2: 283). The Sunnah of Prophet Muhammad (peace be upon him) (ii) The following hadith implies the general permissibility of the rahn. ِ ‫َن النَِِّب صلَّى اللَّه علَي ِه وسلَّم ا ْشت رى طَعاما ِمن ي ه‬ ِ ِ ‫ي إِ ََل‬ ٍّ ‫ود‬ ُ َ ْ ً َ ََ َ َ َ ْ َ ُ َ َّ َّ ‫َع ْن َعائ َشةَ َرض َي اللَّهُ َعْن َها أ‬ ٍ ‫أَج ٍل ورهنه ِدرعا ِمن ح ِد‬ .‫يد‬ َ ْ ً ْ ُ ََ ََ َ “Aishah (r.a.) narrated that the Prophet (peace be upon him) bought some grain from a Jew on deferred payment, and he pledged steel armour as security for it” (Bukhari and Muslim). The Consensus of Muslim Jurists (Ijma`) (iii) Muslim jurists have reached ijma` on the permissibility of the rahn in general, as cited by Ibn Qudamah (Al-Mughni 4/362).
2. Rahn 24 of 27 Appendix 2 Glossary Terms Definition Hibah Transfer of ownership of an asset from a donor to a recipient without any consideration ; a form of benevolent contract. Hiwalah al-dayn Assignment/transfer of debt from the liability of the original debtor to the liability of a third person so that the original debtor becomes free of liability. Ibra’ Rebate Ijarah A contract that transfers the ownership of a usufruct and/or service for a specified period in exchange for a specified consideration. Istisna` A contract by which a seller sells to a purchaser an asset which is yet to be constructed, built or manufactured according to agreed specifications and delivered on an agreed specified future date at an agreed pre- determined price. Kafalah A contract of conjoining guarantor’s liability to the guaranteed party’s liability in a way that the obligation of the guaranteed party is established as a joint liability of the guarantor and guaranteed person. Mudarabah Profit-sharing contract Murabahah A sale and purchase of an asset where the acquisition cost and the mark-up are disclosed to the purchaser. Musyarakah A partnership between two or more parties, whereby all parties will share the profit and bear the loss from the partnership. Qabd haqiqi Physical possession. It refers to a state where a person has actual possession and the rights to control an asset. Qabd hukmi Constructive possession. It refers to a state where a person does not have actual possession but has the legal rights to control an asset. Qard A contract of lending money by a lender to a borrower where the latter is bound to repay an equivalent replacement amount to the lender. Tawarruq Two sale and purchase contracts where the first involves the
3. Rahn 25 of 27 sale of an asset to a purchaser on a deferred basis and the subsequent sale involves sale of the asset to a third party on a cash basis . Wa`d An expression of commitment given by one party to another to perform certain action(s) in the future. Wakalah bi alistithmar Agency contract for investment Waqf Endowment
4. Rahn 26 of 27 Appendix 3 Illustration on the identification of parties in the rahn contract A . Customer pledges his collateral to secure his obligation to the IFI IFI 1) IFI (obligee) grants financing to customer (obligor). (Obligee cum pledgee) 2) Customer (pledgor) pledges his collateral to secure 2 1 his obligation to the IFI (pledgee). Customer (Obligor cum pledgor) B. Customer pledges another party’s collateral to secure his obligation to the IFI 1) IFI (obligee) grants financing to customer (obligor). IFI (Obligee cum pledgee) 2) Customer obtains 3rd party’s consent to secure 3rd 3 1 party’s collateral to secure customer’s obligation to Customer (Obligor cum pledgor) 3) Customer (pledgor) pledges the third party’s 2 3rd Party (Owner) C. the IFI. collateral to secure his obligation to the IFI (pledgee). Customer and third party pledge their jointly owned collateral to secure a customer’s obligation to the IFI IFI 1) IFI (obligee) grants financing to customer (obligor). (Obligee cum pledgee) 2) Customer and 3rd Party (joint pledgors) pledge their 1 2 jointly owned asset as collateral to secure rd Customer 3 Party (Obligor) (Pledgor) customer’s obligation to the IFI (pledgee).
5. Rahn D . 27 of 27 Third party pledges his collateral to secure a customer’s obligation to the IFI IFI 1) IFI (obligee) grants financing to customer (obligor). (Obligee cum pledgee) 2) 3rd Party (pledgor) pledges his collateral to secure 1 2 customer’s obligation to the IFI (pledgee). rd Customer 3 Party (Obligor) (Pledgor) E. Third party pledges collateral owned by another party to secure customer’s obligation to the IFI 1) IFI (obligee) grants financing to customer (obligor). IFI (Obligee cum pledgee) 2) 3rd Party obtains another party’s consent to pledge 1 3 the other party’s collateral to secure customer’s rd Customer 3 Party (Obligor) (Pledgor) 2 Another Party (Owner) obligation to the IFI. 3) 3rd Party (pledgor) pledges another party’s collateral to secure customer’s obligation to the IFI (pledgee).