Wakalah - Appendices

Transcription

1. Wakalah 19 of 20 APPENDICES Appendix 1 Legitimacy of wakalah 1 . The legitimacy of the wakalah contract is derived from the Quran and founded on the Sunnah of Prophet Muhammad (peace be upon him) and the consensus of Muslim jurists (ijma’). The Quran 2. The following verse of the Quran implies the general permissibility of wakalah: "...ُ‫َح َد ُكم بَِوِرقِ ُك ْم َه ِذهِ إِ ََل الْ َم ِدينَِة فَ ْليَنظُْر أَيُّ َها أ َْزَكى طََع ًاما فَ ْليَأْتِ ُكم بِ ِرْزٍق ِّمْنه‬ َ ‫فَابْ َعثُوا أ‬..." “…So send one of you with this silver coin of yours to the city and let him look to which is the best of food and bring you provision from it…” (Surah al-Kahf, verse 19) The Sunnah of Prophet Muhammad (peace be upon him) 3. The following hadith implies the general permissibility of wakalah: ‫ فاشرتى له به‬،‫عن عروة أن النيب صلى اهلل عليه وسلم أعطاه دينارا يشرتي له به شاة‬ ‫ وكان لو اشرتى‬،‫ فدعا له بالربكة يف بيعه‬،‫ وجاءه بدينار وشاة‬،‫ فباع إحدامها بدينار‬،‫شاتني‬ .‫الرتاب لربح فيه‬ .i “`Urwah reported that the Prophet (peace be upon him) gave him a dinar to buy a sheep. He bought two sheep, sold one of them for a dinar, and brought him a sheep and a dinar. So the Prophet (peace be upon him) invoked a blessing on him in his business dealing, and he was such that if he bought dust he would make a profit from it...” (Sahih Bukhari, Hadith no. 3370).” ‫ أردت اخلروج إَل خيرب فأتيت رسول اهلل صلى اهلل عليه وسلم‬:‫عن جابر بن عبد اهلل قال‬ ‫ إذا أتيت وكيلي فخذ منه مخسة‬:‫ فقال‬،‫ إين أردت اخلروج إَل خيرب‬:‫فسلمت عليه وقلت له‬ .‫ فإن ابتغى منك آية فضع يدك على ترقوته‬،‫عشر وسقا‬ .ii Jabir ibn ‘Abdullah narrated, “I wanted to go out to Khaybar so I came to the Messenger of Allah (peace be upon him), greeted him and said: ‘I want to go out to Khaybar.’ He said: When you come to my agent, take fifteen wasq of dates from him. If he asks for proof that you are my agent, place your hand on his collarbone...” (Sunan Abi Dawud, Hadith no. 3148). The consensus of Muslim jurists (ijma`) 4. Muslim jurists have reached ijma` on the permissibility of wakalah. Issued on: 24 June 2016
2. Wakalah 20 of 20 Appendix 2 Definition and interpretation Terms Amanah Amin Fuduli Hibah Hiwalah al-dayn Hukm al- `aqd Huquq al-`aqd Ijab Ijarah Ijma` Istisna` Kafalah Kafil Mudarabah Mukhalafah al-shurut Muqassah Murabaha Musyarakah Muwakkil Qabul Rahn Ta`addi Takaful Taqsir Tawarruq Ujrah Ujrah al-mithl Wakalah Wakalah bi al-istithmar Wakalah bi al-ujrah Wakalah muqayyadah Wakalah mutlaqah Wakil Issued on: 24 June 2016 Definition Fiduciary duties Trustee A person is acting on behalf of another person without wakalah appointment or an appointed agent act beyond the mandate Transfer of ownership of an asset from a donor to a recipient without any consideration and is a form of benevolent contract Transfer of debt Effect of transaction Rights and responsibilities of transaction Offer Lease or service contract Consensus of Muslim jurists Contract 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 Guarantee Guarantor Profit-sharing contract Breach of terms and conditions Offsetting Sale and purchase of an asset where the acquisition cost and the mark-up are disclosed to the purchaser Profit-and-loss-sharing contract Principal Acceptance Collateral Misconduct Islamic insurance Negligence Purchasing an asset with a deferred price, either on the basis of musawamah or murabahah, and subsequently selling it to a third party to obtain cash Fee Fee based on market rate for a similar task done Agency contract Agency contract for investment Fee based agency Restricted agency Unrestricted agency Agent