Sale: The Final Contract in HPSM

M. Kabir Hassan, Muhammad Mostofa Hossain () and Aishath Muneeza ()
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Muhammad Mostofa Hossain: University of Malaya
Aishath Muneeza: International Centre for Education in Islamic Finance (INCEIF University)

Chapter Chapter 4 in Hire Purchase Under Shirkah al-Milk (HPSM) in Islamic Banking and Finance, 2023, pp 83-107 from Springer

Abstract: Abstract The role of the sale contract within HPSM is vital, serving as the conclusive and pivotal element that facilitates lawful economic transactions in adherence to Islamic law. This chapter intricately explores the essential aspects, principles, and conditions inherent in the sale contract within Islamic finance. It sheds light on the multifaceted dimensions governing its execution—legal, ethical, and economic. Understanding the complexities of the sale contract empowers individuals and businesses to ensure Shari’ah compliance, fostering ethical and equitable transactions that uphold justice and mutual benefit. This chapter provides insights into the philosophical underpinnings of sales in Islamic finance, enabling readers to navigate modern economic complexities while adhering to Islamic teachings. Furthermore, the chapter serves as a comprehensive guide to the diverse types of sale contracts within HPSM. By delving into the intricacies of this vital contract, readers gain a deeper understanding of the ethical and legal foundations that form the bedrock of commercial activities in the realm of Islamic banking and finance.

Keywords: Sale; Bay’; Contract; ‘uqud; ‘Aqd (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-50105-0_4

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DOI: 10.1007/978-3-031-50105-0_4

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