Islamic Finance – Part 5
Channel: Hacene Chebbani
File Size: 19.03MB
Transaction Types by Sheikh Hacene Chebbani
machines he knows that
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continue with our program of business transactions and we'll talk a little bit about some in general. We were talking last time about contracts. And today we'll start with the different types of contracts in Sharia. So we'll be using different classifications, every time we'll talk about certain classification based on something else. Now, these are these are types of contracts in general and Sharia because we have a camel Hamza
the five rulings in Sharia five famous ruling and worship will haram will macro remember, we must have read Hamza, these are the five
Sherry I rulings that are used
in so the remedy said there are some contracts that are mandatory marriage in some cases, in some cases, if a young person has the ability to get married, and he's concerned about his, you know, he lives in he lives in, in a non in a corrupted environment. And he's concern about his Deen so manage could be obligatory for him could be mandatory for him has to get married, especially if he's financially able to get married, recommended contracts like loans, giving the loan and loans in Sharia as as we said before, there are beneficial charitable contracts. So we cannot ask any return for a loan when we give a loan, we give it for the sake of Allah Subhana Allah expect the reward on
the Day of Judgment, if you don't want to give a loan, then there are other contracts other means of doing business and sharing the profit with the intrapreneur. And what is one of the recommended contracts there are some other recommended contracts waqf is one of them. It's actually it's a great tool of
helping the oma or promoting the the well being the economic of the oma but it is not used properly and it was not used properly. But this is something that needs to be studied. permissible contracts like sell, and lease, disliked contracts like selling someone, graves to someone who might use it to make wine. You're not sure if you are sure that he will be making wine by this grape, then it's haram to sell this grapes to him. Vice versa if you are buying something from someone, sometimes we go to some plazas or some malls, some places and we find someone outside in the street selling something.
People say that most likely he's selling it outside in front of a mall or something he might have stolen it, right it might be it could be a stolen item. So if you are not sure it is disliked, we said it is disliked If you are not sure. But if you are sure that the guy have stole has stolen this item this merchandise and it becomes harder for you to buy it from him. So this is a basic rule. You go to a place you find someone buying something in the street here in this country people have this impression that he might have, you know, it might be stolen, allow to allow for winning contracts, interest based transactions forbidden sales.
In this program, we'll talk about many forbidden sales in sha Allah. We talked about some of them before
the two parties who are the two parties, they are the two contracting parties and arcada and the owner they said they have to have the capacity to make a transaction
the capacity to make transactions so they have to be sane, not crazy, not mentally ill
they do not have any mental illness and they have to be mature juliani they have reached the age of puberty but how about you know transactions made by children? Now the earlier Maddy said if the child is my ears, my ears my ears is distinguished brilliant. This movie is perceiving has the power to perceive and to understand as our ability to make transactions especially when it comes to those little things buying candy
or ice cream or a bar of chocolate, then it is Hillel, it is permissible for him to make this transaction, but pending the approval of his guardian or his father, if his father is not happy with the transaction, he has the right to go back to the store and ask for the cancellation of the transaction. If he doesn't like it, or he doesn't want that, it's a different story. But islamically children are allowed to do these kinds of transactions, you know, but pending the approval of their,
their parents or their guardians, of course, they are not allowed to make transactions about big things like he cannot sell his iPad or the iPad of his father for $40 or $60. You cannot just count to a child come to a child and say, you know, hey, let's make a business and then you give him $20 for an iPhone, this is not right and he say it was made by mutual consent and every all the conditions of valid sale are there. No, I mean, there is one condition that is not there, this child is not mature enough to make these kind of transactions,
owners of the subject matter. So, both of them have to be owners of the subject matter the seller has to own the say the item of sale, and the buyer has to own the price. Otherwise it will be it will be a problem you cannot sell what you do not own like Amazon, if
Amazon a owns a car, and B comes to see and tells you may want to sell you this car, and it's still under the ownership of a. So b cannot sell it to C
because b he is not sure that if a will sell it to him or not. So you cannot sell it You cannot just hoping that a will sell the car to you. So you go and make transaction with C if you are be, you know a mean or am it makes transaction with Alli hoping that Mohammed will sell him his car. And he gets the money from him and everything and he goes and he bargains makes trying to make a deal with Mohammed.
No, this is not right, because you do not own the car, the car is not under your ownership, then you don't have the right to sell it by Alfa Zulu, we talked about it fully if someone who is your friend or family member
and a fully means in Arabic, it means someone who interferes with others business fully.
He was not asked he was not asked to do this transaction where he did it. Because he thought that it's a great deal. You're absent you're traveling out of town. And he's your family member, his brother, your father. And he thought that well this is a great deal and you will never refuse this transaction. So we don't want to miss this customer. So he accepted the offer and he sold the car for him. This is balefully. So So two of the four imams I guess is Abu hanifa and Malik this edit is valid pending the approval of the real owner
and the other ones said no the sale is not valid because he sold what he does not own what loudhailer
there is another this is another classification types of business transactions of course the non commutative contracts are not business transactions are uploaded tomorrow at
so even fishery our Indiana okuden our that will include a ticker right?
Or couldn't wear our that when people are exchanging items or counter values.
exchanging money for goods or goods for goods or money for money. These are our thoughts. You know, you give something and you take something and more however, is compensating for something. This isn't more than our record, whatever it is, they are based on donation donating what you want. And there are different types we'll talk about them of donations in Islam, commutative contracts. The first one is barter sale, when you sell something, it's called in Arabic Bay and mocha, when you sell a commodity for another commodity
and there is no problem with anything you sell, except any you are allowed to sell any commodity for another commodity, except when it comes to the items or the commodities that are subject to the rules of what
the rule of what
the rule forever. There are commodities that are subject to the rules of Riba here you have to be careful. So selling an old car for another car.
It's okay It's fine you sell a piece of land for another bigger or the location of the other piece of land is better that's okay even if your piece of land is bigger than the other piece of land. So all these things are are okay are fine when it comes to the commodities that are subject to the rules of Riba then you have to be careful selling within one kilos date for two kilograms of date then from a different you know quality than here these dates are a commodity that is subject to the rule of Riba you cannot do it, you have to be careful here, the quantity has to be the same
five, the second one is a spot sale, Albay adhan, so when you give and take on the spot, you deliver the your price and you deliver the item on the spot and you're obligated, you're free of any obligation, you are free of any liability. And the sale is concluded this is called spots a credit sale is by Gilles it's called the bay and credit sale or deferred payment sale, it has some rules, you have to agree on a deadline of the payment if there are it is based on installments, you have to agree on the times of the installments. And also,
you know, there are some some rules, there are some other rules that the AMA has mentioned regarding the sale, the exchange of money is called by a serf.
And they are sort of here it's very, we have to be careful when we exchange money for money. If the money belongs to the same denomination, like you are exchanging Canadian dollars with Canadian dollars, you could do it.
You have 20 bill of $20 in your pocket, and you want to use only one or $2. So you go to someone else's ID I need changed, you have changed. This is a transaction. If he is a friend of yours, and he has only $15 in his in his pocket.
Can he give you this $15 and take the bill of 20 and tells you that they give you the other five tomorrow? Do you think it's helpful or not?
Is not Hello? Yeah, look, that's this is a very small transaction. And it is Riba transaction, it is a huge serious transaction.
So when the money is the same denomination, you have to do it on the spot and with equal amount 24 $20.
If the they're not the same denomination like US dollars,
exchanging US dollars with Canadian dollars, but will happen. It's okay. Of course, the quantity doesn't have to be the same exchange 150 for $100. It's okay, you are free. There is no limit on the profit. You don't have to look I mean, if you want to buy or sell them on the with a market price, that's fine. But if you have your own price, that's fine. We'll talk about the limits of profits because some people they said the limits, they have some limits, they have mentioned some limits for profit 10% for this item 20% for this 5% for this, this has no basis in theory, we'll talk about it inshallah. But he's talking about the sort of exchanging money.
The only condition that the Sharia is asking is it has to be
the delivery has to be in the same trading session. It has to be on the spot.
If he hadn't been there, so Lhasa Selim used to say hand to hand hand to hand, didn't have bank accounts didn't have this, you know, this modern ways of transferring money and sending money? Well, we can we can talk about these ways. But the basic principle is that the delivery of the money, the monetary units have to take place in the same trading session. You give him your Canadian dollars, he will give you your American dollars. This is a basic principle. When we talk about a couple of alchemy, constructive possessions, that's a different story. If you are exchanging with a bank and you have an account in the same bank, and instead, the teller did not give you your money, but the
money was deposited in your account that this is called alchemy, constructive possession, and it is Helen and it has the hokum the same takes the same rule as physical possession. So we have covered the happy thing.
And we have the alchemy,
physical possession, and you get them in your hand and we have constructive possession.
When you have access to the commodity, you have access to your money, you have access, this is you didn't get it in your hand like you don't hold or carry a truck in your hand or a car. But if you are given the key or the car is in the garage and you have access to this garage, so this is called
This is called constructive possession. And you and the car becomes goes under your liability, it is in your charge. And this is really important in our business to understand the Vermont Miss Elliot of Vermont liabilities, because we have many problems in our communities and our community disputes between Muslim Brothers, when they do business about this point, especially when they are the commodity is distracted, was it under your liability or my liability? am I responsible for the damage or you are responsible for the damage. So, we have many problems because this this concept is not clear when we do our business transactions. prepayment forward sale is called beta Selim it has
its own conditions, you have to pay the price upfront and
you have to agree on the deadline or the time of delivery of the commodity and you and the commodity has to be well described well defined.
And then you give the price as I said today, you receive your commodity after six months, this is called a center. Absolute sale or normal sale of goods for money is called in and Muslim sale of goods for money. So money for money is sort of
money for goods is a way and not luck.
goods for goods or commodities for commodities is called an mkhaya. barter say
classification according to price.
So we'll look at the price.
You are you're buying with Where are different types. We have different types of sales. So we have boo, Amana and boo and masala boo, you are Amana. They are three types. resale at cost price, which is called bear atonia. Where I totally I bought it for $5 and selling to you for $5. So I have to be mean, I have to be honest. That's why it's called by lm and why would I sell it for $5? I didn't find any buyer. The market is very slow and want to get rid of it. Simple as that. So I'm selling it to you the same price. I got it. Okay, this is a totally the resale at cost price plus profit, Heather Bay and murabaha.
Barrel murabaha became very famous, very popular nowadays, in Islamic banks and Islamic institutions. We'll try to spend some time with it tonight in sha Allah resale with loss very well, they are what they are or have had data. So I got it for $5 and selling it to you for $4 why I'm I'm losing $1 Am I losing $1 I mean, I didn't find same reason market is very slow. When I get rid of it clearance. I mean people do it. They clear their merchandise all the time. So they make a discount. This is Bayer alodia. But here in America is you tell him that they bought it for five and giving it to you for four, or three by L musella. So you don't make any reference to the original price. Give
me an offer. For like it, I'll sell it to you. If I don't like it, I'm not going to sell it to
America is used. It used to be used in the old days. But you're an Amana
people used to, you know, go for this options. When they don't have much experience in the market. You don't know about the prices they don't know about the quality of commodities. So they ask someone who is more experienced more. You know, he has more knowledge about the market. You tell him go and buy it for me and then I'll give you a profit method and one of them is by an murabaha
noncommutative contracts or code Elmo tabouret. So we have
a gift Heba. And this is not a bilateral contract, and it is not made by two parties. Usually the statement is made by one person I'm giving you this as a gift Hiba. Usually people accept gifts, they don't return gifts. So but it is a unit unilateral contract, what's in here
We'll see is when someone is alive and he makes a will. Of course, when we include the inheritance inheritance here Hawaiian is not part of the rasiya inheritance was explained wilhelmi RAF, the rules of inheritance were explained well defined in the book of Allah subhanaw taala we cannot change them,
but the will there was a year we had we are allowed to make it was a year in one third within one third of our wealth and property. So,
if we want to exceed one third of our properties, then we are not allowed this is not permissible.
And we cannot also make a rasiya gift a gift was here it will be executed after you pass away
a bequest is called a bequest after someone passes away you cannot make a car to someone who is already one of your family members who will be inheriting you when you pass away now we'll see you tell you if there should be no bequest to someone who inherited someone who is already among one of your inheritance. If you pass away then you cannot make it was easy to him with one condition the remedy said you can do it if the rest of the water the rest of the inheritors accepted are okay with it are happy with it.
So otherwise, if they are not then don't do it, it will be an act of injustice. And many people do it nowadays Masha Allah the divide their wealth before they pass away and they give their children different amounts of wealth and this is not this is not
allowed to Allah
endowment when you give property for the sake of Allah subhanho wa Taala and this property will not be consumed, it will be as the profit or the return of this property like method of building
the corpus of this for donation will be used, okay, people will be renting method in this building, and the beneficiaries will benefit from the return or the income that is coming from this property.
So method and use a method I'm making work for the orphans of Calgary, for example. And you give a land matter and you ran to this land and you have another you appoint someone who is who will be in charge of this walk.
And then this rent will be given to the orphans, all the orphans, Muslim orphans, who live in Calgary till till the Day of Judgment to orphans of Calgary, Muslim orphans of cargo will benefit from this.
This you know, walk until the day of judgment. There is another concept that is mentioned now are discussed in within the circles of fuqaha and arola cache works.
And I would like to talk about what's in the future in sha Allah, to give a lecture about the history of work and the rules of work. Because we can use it in Sharla in the future to help our students, especially our students, I feel bad for our students who are taking loans, interest based loans from the government or from banks. And we have this beautiful concept and we are not using it. So in sha Allah at least when I'm not going to talk about any project, but at least we'll talk about two or three Yanni we have to let people know about it. And what are the rules of workflow and the beauty of this concept in our Sharia alaria is a loan of usable items free of any charge you give
your car to someone, this is a loan you are giving his car your car for him to use it and those are as I said been been elevant contracts yet they are not you're not going you cannot get any return for these contracts loan. Of course Hasson and gurukula has an official area and and hawala is assignment of debt
Rasulullah sallallahu alayhi wa sallam used to advise people if you are not able to pay their debt to make a Howler to assign their debt to someone else to a third party to a third party, they become the assignee. You are the assignee and this concept actually the owner
Muslim scholars they said
the Crusaders got this idea this concept of how earlier in the 12th century and many of our,
you know instruments financial instruments that are used nowadays in the banking industry, like cheques like Bill of exchange,
draft bank draft too many of them are based on this concept of Howard
Because when you give a check to someone,
you are actually assigning your data to someone else to a third party, you're telling him that the bank will pay you this amount of money.
And the bank because you have an account, he will pay you, he will pay him from your money. But sometimes you might, you might be, you might go to someone else, a third party method and something that many people do nowadays, you have a business and you get a check, you do something for someone, and you get a check, but it is post dated till the end of the month, but you need money.
The owner of the check, the holder of the check needs money, he needs cash in his hand, and he has a check that is worth 5000. So he goes to a cashless store or any other store, and then he will give him this check. Do you think the customer will give him 5000 he'll give him most likely maybe 4900 method for example. So this is discounting bills, right? This is Hara. This is a huge serious transaction. Because this is money check is money. And it was transacted for money.
And the amount was not equivalent to isn't it was not at par value.
So this is what it's called
hussen waratah to Jerry focalise nam hussmann arati. Jerry
what are the basic rules? Can we leave the question sealed and I'll give you 15 minutes
Yeah, kafala is guarantee if when someone a guarantee when someone guarantees someone that if he's not his default on his payment is not able to pay, we pay on behalf on his behalf either minako dill s and
it is a contract of charity and you cannot get money for this contract you cannot guarantee someone for money.
Okay, banks, Islamic banks are doing it they issue a letter of guarantee. But they take the said we take only administrative fees allow to Allah Allah. He don't take any compensation for this, you know, for this transaction with this contract. But he said we are charging our customers. administrative fees will allow tala but it is elka fella Appleton minoxidil, ehsani. And it is one of the charitable contracts will allow Thailand
we'll talk about warranty if you want if you have at the end and Sharma who can
the what are now the basic rules of sale, we mentioned some basic rules of sale last time. But these are important for murabaha if we have time to talk on murabaha Otherwise, we'll leave it till next halakhah the murabaha as a mode of financing, as a mode of financing. Now the notl murabaha here the 50 the regular murabaha that is found in the books. And the books are 50. You know you tell someone go to the market buy something and then I'll give you a markup I'll give you a profit, you know 10% or something this is regular murabaha this is normal. This is Hillel. There is nothing wrong with that. But the the murabaha as a mode of financing, it's a different story. It's combined with
different transactions. And it has many conditions and many of the Islamic institutions unfortunately are not observing these conditions, and then it becomes at the end like an interest based loan.
Now, there are some basic rules here basic rules of sale, the subject of sale must be existing at the time of sale. So you cannot say the unborn calf of your cow to someone else. So when my you know habit a habit, this is what Rasulullah sallallahu alayhi wa sallam mentioned in his Hadith that this is not a valid sale on Barton, something that does not exist. And number two, the subject of sale must be in the physical or constructive possession of the seller when he sells it to another person. I'll give you example of constructive for constructive possession or physical.
Physical possession method when you are you have a company or you have a business you sell vacuums and you make an order remade in order for some vacuums to come from China.
And so now, you bought this merchandise.
But the other party from China sent it to you. Okay has shifted to you. And he has taken care of the shipment expenses and everything but he didn't receive it.
receive it. So you cannot sell it before you receive this product.
Because it is not under your liability. But if you had a representative or you have an agent, you have a company and you had an agent there who went to the company to the Chinese company, and he inspected the merchandise. And the sale was concluded everything was concluded and he shipped it himself on behalf of you. Now it is under your liability. And you possess this merchandise, you can sell it
because it is under your liability. That's why Rasulullah sallallahu alayhi wa sallam actually selling. I'll tell you about the differences between the fuqaha and I hope you won't be confused. They would like to tell you these differences just to find an excuse to the owner. I would like to always find excuses for our dilemma. Because sometimes we complain about those differences, disagreements, without knowing the background of this disagreement.
Belushi a couple a couple of e and e selling something before it comes under your possession.
There are different opinions. But the conclusion of this, you know, controversy or these these disagreements, the Maliki jurist, the Maliki fukuhara. They said you cannot sell food when you buy it before it comes under your possession food items.
Only food items why what is their daily ahaadeeth narrated by Lima Malik and knafeh and Abdullah Abdullah Omar, this is a Silsila the heavier they call it the golden chain of narration is the best, you know, chain of narration and this hadith is found in Morocco and Mr. Muslim and say hello Sahih Muslim. So he said so lies all of our lives send a man to our Parliament for a widow. He said whoever bought some food, then he's not allowed to sell it until it comes under his possession, right. So the owner the Maliki jurist, they said since Rasulullah sallallahu Sallam has given us a specification specified, he said these he mentioned the term food. So he said then all the other
commodities other than food, you are allowed to sell them before they come under your possession. Why? Because there are so lies our seller mentioned the word food. And if it was not, if it didn't have any meaning, then it would be useless. They said it would be this is their argument. So folk Aha, this is how they analyze those you know texts, they said it will be useless to to mention the word food upon men if Tata Armand fell a bit below him and Abu hanifa
and one of his students, one of his famous students will use a parameter lyerly he said you are not allowed to sell anything before it comes under your possession except real estate. Why because they divide wealth into two, movable and immovable. So anything that is movable, you cannot sell it before it comes into your this possession because it is subject to to destruction it could be destroyed, it could be damaged, but he said is more safer to sell real estate because they are not movable they are in their place. They are more say it's more safer to sell them before you take the possession and of course in real estate, you're not going to as I said carry a house in your hand.
Just you when you are given a key you will not that means you possess now it came under your possession and Mr. Musharraf theory and you know has him and some other scholars. This ad actually this rule applies to everyone applies the sorry applies to every commodity. You are not allowed to sell it before
to sell anything that you bought before you buy it comes under your possession. What is there the lien howdy Hakeem exam for the Allahu anhu he asked her sort of license lm Arizona law in a bureau had he elbow. I'm involved in these business transactions and I buy and sell May I illuminate leaving her home I said what is permissible for me and what is not? Saracen license, lm said let there be an A and B the who letter B and A and do not sell anything until it comes under your possession. So in this hadith Rasul Allah says Allah said anything. He didn't say food, do not sell anything until it comes under your possession and also there is another
Famous Hadith which is a great Hadith and it should be if well if this hadith is well understood it should solve many issues in feck of business transactions. So Lhasa Salim said, Leah Hello Byron was lF will rip whom Allah me augmon koala bedroom la Sendak This is a long Hadeeth but these are three main statements in this hadith he said lay a Hello Byron was lf a conditional for loan combined with a sale is not permissible. What does it mean? What does it mean? If I rent some something from someone or I sell to you something, but I tell you at the same time
I want to learn from you I will sell my car to you but give me 2000
loan So combining between a sale and alone Why do you think this could be haram or it is not permissible?
To give you a discount so
Allah Akbar This is the reason the seller will be tempted to give you a discount, give you a good deal. Why because he's expecting
a favor from you to give him a loan right or you are renting him a house and you ask at the same time a loan from him. So you will be tempting to discount the price of the rent because you are expecting a favor.
So this is the only reason this transaction is not highlighted combining between these two. You know telling someone I'm selling this to you but I want to learn from you. So there is no transparency
there is no the price here is not clear. It's combined between a price and and a favor here alone. So that's why so Lhasa Sallam said lay a halo salifu obey the halo its Hara. It's not permissible. Will Arif who mela miasma? No, is the profit arising from something which is not under your liability. Rip whom Allah miasma, Ghana is responsible for the damage, there is any damage that happens to something then, as I told you, I was I was mentioning the method and the merchandise that is coming from China. If you have an agent who inspected this merchandise, and then he the sale is concluded, and he the agent, your agent has shipped this merchandise for you. It is under your
liability now. Because the seller has delivered his merchandise because there was someone else who was acting on your behalf. Then if there is something that happens to this merchandise in the middle of the sea, it is your it is under your liability. But at the same time, Islam allows you to sell it.
It is under your liability, but you can make profit from it now, before it comes to you before you receive this merchandise. But if it is the other case, the seller has, you know sold his merchandise to you. And he did not receive it. He didn't have an agent to receive it. And he sent it he shipped it to you in his way. And he didn't receive this. It didn't come under your possession.
Now we're waiting for a physical possession. But the first one was kind of physical possession because this one this person, this person who acted on your behalf, he actually received on your behalf this merchandise yourself, you didn't receive it in your hand it didn't come in into your warehouse, but it is called alchemy constructive possession and here you are allowed to sell it and make profits reprimand me of man. So if you don't have if something is not under your liability, you cannot sell it you cannot make profit of it. If it is ended your liability you can benefit from it you can make profit of it. Right?
That's why I also realize I sell them he said I'll harass you before man. This is another Hadith harasses return or benefit or profit bizarre man is linked to liability. These are major rules in business affects transactions. So anyway, you cannot basically you cannot sell something that is not under your possession. And the subject of sale must be in the ownership of the seller at the time of sale. As I said Kenya cannot sell a car to a brother Fadi and the car is still under the ownership of brother Are you hoping that you will sell the car for me? So I cannot do this. So you know this is haram This is not a valid
you know, business transaction
I give you 15 minutes I said 15 minutes we'll pray five to five minutes after at Sharma. But the morava has a mode of financing. Maybe we'll talk about it next week in sha Allah.
Do you have any question? For the
he said it's an exception, the father is an exception not because of this headache, they said because usually naturally a father is inclined to take care to be keen to, to take care of the you know, the affairs of his children
to benefit them, not to hurt them or, you know, so they said, this is a natural. This is how this is, you know, part of our nature as humans, we take care of our children and we take care of their business transactions if they are wealthier, they have money. So we give it to them so the father is an exception. If the father sells something on behalf of his child
then it's okay he's sale is valid law Thailand further permissible to
make requests from your
bank, for example.
Can I give this to my tellers?
You can't do it, you can't do it. If there is injustice involved, if you are giving them gifts, but you are being just you are giving gifts to all your children giving money all your children based on their needs, then it's okay. But we're talking about what there's a difference between giving a gift when you are alive and between what co was here will be executed after you pass away after the person passes away. Here it has Sharia has strict rules regarding the wasa the bequest because it will be now the only two rules these are the rules for sending wasI inshallah inshallah any we have to have to clarify these rules in the future.
The first rule is your was here cannot exceed 33rd of your
third of your wealth property.
And you cannot make a visit to someone who will be inheriting you unless all the other inheritance euro you are inheritors, all of them accept and they are happy with it then you can give him from your wasabia lousiana
Rasulullah Sallam said les lucilla una bella he said Is it haram or halal? There is no discount. Yeah,
no Rasul Allah says enemy said do not combine between them because there is a possibility there is even if you say I'm not favoring making any favors to him and not discounting the price, but there is a possibility okay. There are things that are haram not because they are harming themselves though because they might lead to something haram
said the Torah closing the doors of Haram. So there are things that are haram not because they are harming themselves though because they might lead to something else. So here there is a possibility that the price will not be transparent.
The you may might feel okay bad about it and then you give him something that will be Riba.
Please let me give chance to other people.
Nice. I'm sorry.
I will send the money back home is not the same business day or business hour.
depends which way you send them through.
Yeah, if you go to the bank, what would happen? Usually they will make the the transaction here in Canada, give them Canadian dollar. If you want to send send Canadian dollars, there is no problem because you are sending money. They are making a service they're just offering a service
charging you some fees for the service if they are sending Canadian dollars. If they are not sending Canadians who said we cannot send Canadian dollars will convert your money into the other currency what would happen this is a sort of here. Now you are entering into us
Serve transaction, but it is happening in front of you. And we tell you about the rate and the transaction took place.
Now, yes, you didn't receive it in your hand,
but on your behalf, they are sending it. So this is a second transaction here.
So, there are two transactions, there is a surf transaction and there is a sending or transferring money on your behalf, they are asking for fees. So the fees that they take from you, therefore, the second transaction or the second service sending money overseas, but the first transaction, it is Helen, the owner, they said it is Helen, even though you didn't get the counter value in your hand, because you got a receipt in a bank or any company you will get a receipt transaction is concluded
this is covered locally. So this ad, it is helpful, it is helpful because this transaction is concluded you know how much they are selling, you call your parents back home and your family members, they will tell you, this is how much we got it actually with Western Union, they will tell you it will be available within 10 minutes.
Western Union noon, he will tell you to be available within 10 minutes. So they do the surf transaction, they tell you how much they are getting back in Pakistan or Lebanon. And then they take some fees for sending money, not for the transaction for sending money on your behalf. So this is okay, this is fine.
Same related issue, like if I get a loan from my furniture back home, so I did $100 and he paid like 4000 rupees at the time that I 100 all the time. got stronger, and when time come to pay that I pay $100 but he's getting $5,000 $6,000
Yeah, so what he did, he went to the bank there, and he gave them 4000 rupees, you call them rupees, okay. And the transaction was or the result end result was $100. So he said this the bank on his behalf, send you $100 this is what you got. Right? So he made the transaction.
He was the contracting party. You You got to loan us $100 then you after two months, you sent him back $100. But it's the sort of you made at that time, the end result over the counter value. The other counter value currency was 5000. It's Helen, because you are sending
there is no Riba here because you are sending $100 it's his $100 you're giving him $100.
You know, Timmy?
I know, I know.
When I'm sitting
here, I mean, you are making a good question. This is a good question here, how to solve this issue. That's a good point. You tell him on the phone, I need 4000 rupees. So when he goes to the bank, he's your agent, he's you're working, he is now exchanging the money on your behalf, then you have to send him back 4000 rupees. Well, if this is the case,
you know, I mean, but if you tell him I need $100
It depends on the agreement. What kind of loan you're taking from him? You know, this is who's asked the question, you asked the question, if you tell him I need $100 this is your loan and you have to return $100 whether the he will get for this $100 6000 or 7400 or less 3000 rupees is not your problem. You got 100 you gave him $100. But here in this case, he says I want 400 rupees now, when he goes to the bank, and he said yeah, we'll exchange it on your behalf, you are acting on his behalf You are his work here. So, you got 400 rupees you return for him 100 rupees, it could be one 400 rupees 4000 rupees at that time $90 or $80. So,
may give him his money back this is the Yes.
changed his religion from Islam to Christianity or something or he becomes so stubborn that the Father is building his face for that. So still he will
Because the father is losing his faith in that child.
Okay? Okay. We have two cases here. The first case here, when he becomes a Christian or a Jew or or a Buddhist
is a non Muslim, left Eduardo Sabina Muslim in a cafe, there is no inheritance between a Muslim and non Muslim. So when the person passes away, his non Muslim child will not inherit from him. If he's not Muslim, a child passes away. The father as well does not inherit from him. There is no inheritance between a Muslim and anonymous. But if he is, the father is losing faith in this child, like he's losing hope he's not praying, he's not doing that.
Then he's still Muslim. If he's still Muslim, then if the father passes away, even if he's a facet, a sinful Muslim, you still have the right to his his chair is reserved, the protected share of inheritance is protected. Okay? Because we cannot just pick and select and say I'm not happy with this child.
They're out. And I give my money to these children. They go to the masjid and they pray and everything cannot do that. If we open this door, open a door to a big mess in our society. And our last panel, Dad was very strict with the laws of inheritance. He didn't tell us how many rock as we pray in acid and
mahapariksha, he knows that we will follow the Prophet sallallahu sallam, we will not dispute have any disputes regarding that. But when it comes to money, he knows our desires and our problems and our weaknesses. And he told us how much the mother gets in the father gets and the mother gets and the children and details in the Quran and we're not allowed to change them. The lacquer last question for the line.
Yeah, this is brother is asking. Some contractors did not sell did not build the building, or the house or whatever. But they have designs, right? We call them designs,
blueprints, drawings, not drawings. They are small
models, small models.
Now these models will give the customers full description. And then they will have more information, detailed information about these houses and everything. This is called the app or the listener
after the listener, may Allah have mercy on him, they said it is a valid after the contract. There are some other scholars who don't agree with them. But it is now adopted and well accepted in Islamic finance have the listener you make an order for something will be made for you to build for you. But all the description has to be given to you. So you make your contract based on this full description. And in the listener, you don't have to pay the money upfront, it could be on installment. But after the seller is different, you have to pay the whole amount upfront. If we have time cannot make many promises. If we have time, we'll talk about the sales briefly inshallah. But
next, I think next halakha
would like to cover murabaha as a mode of financing. And also I'm interested in those contracts that are used in selling houses in North America, diminishing musharaka or ijarah combined with loans and those things. The way some Islamic I'm not going to mention any company here. I don't want to mention any company. But I will talk about concepts and rules in sha Allah because many people are asking about those contracts or agreements that are made by some Muslim institutions and many Muslims are not comfortable with this agreement, who say we'll talk about them in sha Allah in halaqa. Before we finish this program by Jazakallah Hayden spanic alone 100 should have alerted Mr.