ELEMENTS OF A VALID SALE

A valid Sale has four essential elements

  • Contract of Transaction (Aqd)

1.1 Offer & acceptance (Ijab-o-Qobool)

The term “Offer” means that one person proposes to either sell his commodity to another person or buy from him and “Acceptance” means that the person who has been offered gives his approval of the proposal. Offer and acceptance are always done in past tense e.g. “I have sold” or “I have purchased” etc. There are two ways of doing it:

  • Oral/Verbal (Quali)

By saying or expressing. The offer (Ijaab) and Acceptance (Qabool) should be communicated orally/verbally between the parties in such a manner that the transaction is executed spontaneously. E.g. one can say “I have sold” but ‘one cannot say “I shall sell to you”.

  • Implied (Isharaa)

By indicating. This of two types.

  • Credit sale (Istijrar)

Example settlement of the bill at the end of the month.

  • Hand to Hand SaIe (Taati)

Exchange of Money with goods without uttering Ijab-o-QabooI or procedure adopted in various supermarkets and departmental stores.

  • Buyer and Seller (Muta’aqlain)

Both must be:

  • Sane: ShouId is mentally sound at the time of making a contract.
  • Mature: Should be an adult, However in case of a minor, he must understand the nature of the transaction.

1.3 Conditions of Contract (Shara et-e-Aqd)

1.3.1 Sale must be non-contingent.

The delivery of the sold commodity to the buyer must be certain and should not depend on a contingency or chance For example, ‘A’ sells his stolen car to ‘B’ who purchases it in the hope that the will manage to recover it. The sale is void.

  • Unconditional Contract

The saIe must be unconditional. For example ’A’ buys a car from ’B’ with a condition that ‘B’ will employ his son in his firm. The sale is conditional and hence invalid.

  • Under reasonable conditions

The conditions of sale should not go against the contract for instance, ’A’ tells ’B’ to deliver the goods within a month, the sale is valid.

  • Under unreasonable condition but in market practice

If a sale is an unreasonable condition but is in market practice and not against the teachings of the Quran and sunnah, the sale is valid. For eg. ’A’ buys a refrigerator from ’B’ with a condition that ’B’ undertakes its free service for 2 years. The condition is recognized as a part of the transaction, is valid anal the sale is lawful in Shariah.

  • The sale must be Immediate

The sale must be immediate and absolute. Thus a sale attributed to a future date or a sale contingent on a future event is void. If the parties wish to affect a valid sale, they will have to affect it afresh when the future date comes or the contingent event actually occurs.

For example, ’A’ says to ’B’ on the first of January: “I sell my car to you on the first of February”. The sale is void because It is attributed to a future date. “SimilarIy, If ’A’ says to ’B’: “If X party win’s the elections, my car stands sold to you”, the sale is void because it is contingent on a future event, which may or may not occur However in some specific cases, promise to sell on a future date, may be allowed.

  • Goods for Sale or subject matter (Mabee’)

The following conditions regarding subject mater must be fulfilled:

2.1 Existence

The subject matter of sale must exist at the time of sale. Thus, a thing which has not yet come into existence or which can not be delivered/possessed now cannot be sold. If a non-existent thing has been sold, even with mutual come at, the sale is void according to shari’ah. E.g ’A’ sells the unborn calf of his cow to ‘B’, The safe is void. This rule does not apply in Bai ‘SaIam and Bai Istisna.

2.2 Valuable

The subject at safe must be a property nf value. Thus an If\ind having no value according to the usage of the trade such as a leaf or a stone on a roadside cannot be sold or purchased.

2.3 Usable

The subject of sale should not be a thing which is not used except for a haram purpose, like pork, wine, etc.

2.4 Capable of ownership/title

The subject matter should not be anything, which is not capable of ownership/title, of example, sea or sky.

2.5 Capable of delivery/possession

Sale of anything that due to nonexistence is not capable of being delivered is void. For instance, a chair that is not yet prepared cannot be delivered or possessed since it does not exist.

2.6 Specific and Quantified

The subject matter of sale must be specifically known and identified either by pointing out the asset or by a detailed specification that can distinguish it from other things, which are not sold. For instance, there is a building comprising of a number of apartments built in the same pattern. ’A’, the owner of the building says to ’B’, “I sell one of these apartments to you”; ’B’ accepts the offer. The sale is void unless the apartment intended to be sold is specifically identified or pointed out to the buyer.

2.7 Seller must-have title and risk

The subject matter of sale must be in the ownership of the seller at the time of the sale. Thus that is not owned by the seller cannot be sold. If he sells something before acquiring its ownership and risk, the sale is void. For example, ’A’ sells to ’B’ a car which is presently owned by ’C’ but ’A’ is hopeful that he will buy it from ’C’ and shall deliver it to be ‘B’ subsequently. The sale is void because the car was not owned by ’A’ at the time of sale. The speculation in shares without acquiring ownership and risk is another example.

  • Price (Thaman)

3.1 Quantified (Maloom)

The measuring unit of the price should be known e.g. currency etc.

3.2 Specified and Certain (Muta’aiyan)

For a sale to be valid, the price should be ascertained and specified such as the total amount in rupees, etc. If the price is uncertain, The sale is void. For example, ’A’ says to ’B’. If you pay within a month, the price is Rs.50 but if you pay after two months, the price is Rs. 55’ and B agrees.” The price, in this case, is uncertain, and therefore the sale is void unless anyone of the two alternatives is agreed upon by the parties at the time of sale.

  • Delivery or Possession (Qabza)

The subject of sale must be in the physical or constructive possession of the seller when he sells it to another person.

4.1 Physical (Haqiqi)

For example, ’A’ has purchased a car from ’B’, ’B’ has not yet delivered it to ’A’ or to his agent. Therefore, ‘A’ cannot sell the car to ”C’. If “A” sells it before taking its delivery from ’B’, the sale is void.

4.2 Constructive {Hukmi)

“Constructive possession” means a situation where the possessor has not taken the physical delivery of the commodity, yet the commodity has come into his ownership and all the rights and liabilities of the commodity are passed on to him, including the risk of its destruction. For example, ‘A’ has purchased a car from ’B’, ’B’ after identifying the car has placed it in a garage to which ’A’ has free access and ’B’ has allowed him to take the delivery from that place whenever he wishes. This the risk of the car has passed on to ’A’. The car is in the constructive possession of ‘A’. If ’A” sells the car to ’C’ without acquiring physical possession, the sale is valid.

Written by: Dr. Muhammad Imran Usmani

DISCLAIMER: Copyrights are reserved by Usmani and Co.

Categories:
ISlamic-Contract

Islamic Contract

We will start our discussion of the Islamic Contract with three terminologies of the Islamic Jurisprudence which are pertinent to be understood at the outset of this chapter. They are:

  • Unilateral Promise (Wa’ da)
  • Bilateral Promise (Muwa ’Adah or Muahaidah)
  • Contract (Aqd)

Unilateral Promise (Wa’da)

It refers to a unilateral undertaking or promise extended by one person to another in which he promises to execute a contract in the future. E.g. to sell or buy something in the future. Since it is a unilateral promise, no question of future sale arises, as the future sale is not allowed in Islam.

For e.g. ’A’ promises to sell his car to ’B’ within the next three months for Rupees Two Hundred and Fifty Thousand (Rs. 250,000), this is a unilateral undertaking or Wa’da.

Enforceability

  • Wa’da is enforceable under the present law enforced.
  • According to Imam Abu Hanifa, Wa’da is not enforceable by law (Oada’an) but there is a moral obligation (Diayanat’an) on the promisor. However, some of the Hanafi jurists argue that Some Of the promises can be made enforceable under the doctrine of necessity.
  • According to Imam Malik, Wa’da is enforceable by law.
  • The consensus (Ijma) of present-day Scholars is that Wa’da is enforceable by law until and unless the promisor is not in a position to fulfill his/her promise. In this case, if it is not due to any of his negligence then he has to make good the loss to the promiser. For example, in case here,’ A’ promises to sell a horse to ‘B’ and the horse dies without any negligence on part of ’A’, then no damages are due on ’A’ for ’B’. But if it is due to his negligence then he has to make good the actual loss to the promises. This will be the case where ’A’ promises to sell a horse to ’B’ for Rs. 10,000 within the next month and subsequently sells it to ’C’ before the month elapses. This is a willful act of the promisor that loads to his inability to fulfill his promise to the promise, therefore, the promisor needs to compensate for the promises.

Consider another example ‘A’ was promised to purchase a Horse from ’B’ for Rs. 10,000. As a result of a promise to purchase by ’A’, ’B’ has purchased a horse for Rs. 8,000 – from the market to sell it to ’A’ for Rs 10,000/. on the promised date of purchase, ‘A’ refused to purchase the Horse from ‘B’. As a result of a breach of promise by ‘A’, the horse was sold by ’B’ in the market for Rs. 7500, at a Joss of Rs 500. This loss of Rs. 500 is the actual loss as a result of a breach of promise by ‘A’, which can be claimed by ’B’ from ‘A’.

Agreement (Muwa’adah or Mu’ahadah)

  • It means bilateral undertaking (Mutual promise) or agreement.
  • According to the majority of the present-day Scholars of Islamic Jurisprudence, Muwa’adah is not allowed in situations where Aqd is not allowed (e.g. forward contracts), and thus is not enforceable by law. This view is adopted by the majority of Islamic Financial Institutions of present-day and even by AAOIFI.
  • According to some Scholars of the Sub-continent (followers of Hanafi School), Muwa’adah is enforceable by law, however, Muwa’adah Of transactions like short-selling of currencies or shares is not allowed.

Contract (Aqd’)

  • An Aqd’ or contract is a bilateral agreement that is executed between two or more parties.

Example:

Contract of Sale, Contract of Marriage, etc.

Types of Aqd’

  • Uqood e Mu’awadah (Compensatory Contract)
  • Uqood e Ghaer Mu’awadah (Non-Compensatory Contract)

Uqood e Mu’awadah (Compensatory Contract)

These are compensatory contract where one person sells something to someone else for a price or compensation, for example, sale of a pen by ’A’ to ’B’ for Re. 50.

Uqood e Ghaer Mu‘awadah (Non-Compensatory Contract)

These are non-compensatory contracts where one person gives something to someone else without any compensation for example a contract of loan gift.

Essentials of Aqd’

Your essential elements are required to constitute a valid Aqd.

  • Mutaa’qidain (Contractors)
  • Alfaz e Aqd (Wording of Contract)
  • Ma’qood Alaih (Subject Matter)
  • Ma’qood Bi’hi (Consideration)

Mutaa’qidain {Contractors)

The contractors must not be mahjoor i.e. restricted to make a contract. Islamic Shariah identifies three types of people as mahjoor.

  • An insane person
  • A child not mature enough to understand the nature of the transaction
  • A slave not permitted by his master to enter into a contract

Alfaz e Ana (Wording of Contract)

Alfaz e Aqd should be absolute and immediate and non-contingent to a future event as a future contract Is not allowed in Islam. Also, the wordings should be unconditional. If the wordings of the contract are conditional, the condition must adhere to the following rules of Islamic jurisprudence.

Basic Rules for the Validity of Conditions In Contract:

There are four basic rules for budging the validity of conditions in a contract:

  • A condition that is not against the contract is a valid condition.
  • A condition, which seems to be against the contract, but it is in the market practice, that type of condition is permissible unless its voidness is proven with the clear injunctions of the Holy Quran and Sunnah. For example, ‘A’ buys an air conditioner on a condition that the seller will provide him a five-year guarantee and one-year free service. This type of condition does not invalidate the contract. A condition that is not against the contract is a valid condition.
  • A condition that is against the contract and not in the practice of the market but it is in favor of one of the contractors, this type of condition is void. For example. if ’A’ says he sells a car with a condition that he riffs use it on a fixed date every month, this contract will be void.
  • A condition, which is against the contract, not in the market practice, and not in favor of any contractor, does not avoid the condition. For example, undertaking to give charity in case of wilful default by the defaulting party.

Now a question arises what is the ruling of void condition, whether it invalidates the contract or not? The answer lies in detail about the impacts of the void condition. Sometimes a void condition invalidates the contract and sometimes it does not invalidate the contract, however, the condition itself is annulled.

To elaborate on this, Islamic jurists and scholars have written that the compensatory contracts (Uqood-e-Mu’awadah) like sale, purchase, lease agreements become void by putting avoid the condition. However, non-compensatory (voluntary) contracts (Uqood Ghair Mu’awadah} like contracts of the loan (Qard-e-Hasanah], do not become void because of void condition, however, the void condition, itself becomes ineffective. for example: if ’A’ gives to ’B’ a loan with a condition of premium at the time of repayment, this condition of interest is void. However, this condition does not invalidate the contract, therefore all transactions done by this borrowed money will be valid. But the rendition of Interest itself is revoked; therefore ’B’ is not liable for the payment of interest.

Ma’qood Alaih {Subject Matter)

The subject matter should exist, should be valuable, usable under ‘Shariah, capable of ownership & title and delivery & possession. Also, it should be specified, quantified and the seller must have its title and risk at the time of the sale. For example, a certain mobile phone.

Ma’qood Bihi (Consideration)

It should be quantified, specified, and ascertained at the time of executing the Contract. For example, a price of Rs. 300. It should be noted that Ma’qood Bihi (consideration) is not required for Uqood Ghair Mu‘awa4ah.

Other Issues In Aqd

We will discuss two more issues in Aqd’ here.

  • Safqatain fi Safqatin (Two contracts in one contract).
  • Tawkeel fil Aqd’ (Agency contract)

Safqatain fi Safqatin {Two contracts in one contract)

It means accumulation or mixing up of two different contracts in such a manner that execution of one becomes contingent on the execution of another. This Is not allowed by the Holy Prophet PBUH in Hadith and it renders a contract void. This is the reason why hire purchase contract in not allowed in Islam.

Tawkeel fil Aqd’ (Agency or Wakalah Contract)

It means the appointment of an agent (Wakil) on behalf of a contractor to carry out a contract or trade on behalf of the principal. There are two types of wakalah contracts.

  • The first one in which all the rights and obligations are passed on to the principal (Muwakkil) from the contractor, for example, that of Nikkah (Contract of marriage). Therefore, if a person ’A’ makes ’B’ his agent to marry him with a lady ’C’ then ’B’ is not responsible for any rights, responsibilities, and benefit, if Nikkah (Marriage) is between ’A’ and ’C’, Hence, lady ‘C’ can only claim for her dowry (Mehr) and other expenses from ‘A’ directly and not from ’’B”.
  • The second one in which the rights and obligations remain with the agent. For example, if ’A’ appoints ’B’ as his agent and ’B’ buys a car from ‘C’ for Rs. 500,000 on credit and does not disclose this to ‘C’ that he is acting as an agent for ‘A’ then ‘C’ can claim his money from only ’B’. However, if ‘B’ discloses this then ’C’ can claim his money from ’A’ as well.

Wakalah Isthithmar (Investment Agency)

It means the transaction in which one party appoints another party as its agent to carry out a trade transaction on behalf of the principal. The difference between the Wakalah Isthithmar Contract and Mudarabah Contract is that in Mudarabah Contract, both the parties share in the profit arising out of the trade transaction whereas, in Wakalah Isthithmar Contract, the Wakeel is only given a fee for his services by the principal and does not share in the profit.

In the classical books of fiqh, it is called “Ijaratul Ashkaas” – The remuneration of the agent can be fixed, lump sum, or on a commission basis.

Written by: Dr. Muhammad Imran Usmani

DISCLAIMER: Copyrights are reserved by Usmani and Co.

Categories:
A-catalyst

Shared Prosperity – A catalyst for economic growth

The buzz words these days are ‘shared prosperity’, whether it is the promise of what ‘blockchain technology’ will bring in or the World’s Bank vision for a poverty less world.

Shared prosperity is one in which when an economic development takes place, it is reflected in all segments of the society and is not just merely an increase in GDP. Therefore, ultimately reducing income inequality.

Some prominent facts that gives rise to such arguments are the following;

“Almost half of the world’s wealth is now owned by just 1 percent of the population”

“In the United States, the wealthiest 1 percent has captured 95 percent of growth since 2009, while the bottom 90 percent has become poorer. “ (Source: Working for the Few 2014)

By contemplating the above facts, it is evident that the current economic and financial system has brought about concentration of wealth in the hands of few.

Inequality of wealth not only damages the growth prospects of a country but also creates social unrest. A report issued by the European commission (EC) suggested that high inequality of wealth has adverse effects on household well-being, criminality, health, social capital, education, political participation, and female labor market participation. Furthermore, according to literature, high inequality of wealth eventually has a negative impact on economic growth.

What has led to such inequalities of wealth?

One definite answer is not adapting to risk sharing modes of financing but instead one that is based on riba(interest). The following example will further clarify this point.

Almost all giant business ventures are mostly financed by banks and financial institutions. In most cases the industrialists put in very little capital of their own compare to what they borrow. Suppose an industrialist only puts in 10 million (10%) as capital from his own pocket and acquire 90 million (90%) from banks as loans to invest in huge projects. If these projects earn huge profits only a small proportion (range from 2% – 5%) goes to the depositors whose input was 90% while most of the profit is secured by the industrialist whose contribution is only 10%. Even this small proportion given to the depositors comes back to the industrialists in the form of increased prices of goods that the industrialists produced, and the depositors bought. Therefore, in real terms, the depositors return might be negative; the depositors whose actual contribution to the business was 90%. Hence, we can see here how the vicious business cycle creates inequality of wealth and the rich becomes richer and the poor poorer.

However, if the above scenario was based on a risk sharing mode of financing like partnership where profit was shared with the depositors there would have been more equality.

“The bottom half of the world’s population owns the same as the richest 85 people in the world.”
(Source: Working for the Few 2014)

In conventional financial system, when a businessman borrows money and the business fails, he does not only bear the loss of the whole business but also must pay interest to the lender. However, if the business makes a profit, the major part of the profit is kept by the business and only a small proportion (a fixed percentage) is handed over to the lender. Hence, in both scenarios interest-based system is an injustice to either the borrower or the lender.

Islam does not recognize loans as income generating transactions. A loan (Qarz Hassan) can only be given as an act of sympathy to help a brother in need or in order to save ones’ principal in either case the lender cannot claim an extra amount over and above the principal. However, for commercial transactions, partnerships are encouraged where not only the risks are shared but also the profits. Both the parties undertake a joint venture in which case outcomes are shared on a fair basis.

Risk sharing with equitable risk sharing mechanisms encourages innovation and creativity since both parties receive their fair due and leads the way to entrepreneurial mindset for individuals of the society. Risk sharing mechanisms also takes an economy further away from debt financing thus deleveraging the financial system and making it less prone to economic shocks.

However, risk sharing methods of business and prohibition of Interest is just one of the factors that helps eliminate income inequality and one that supports shared prosperity.

The World Bank Group defines promoting shared prosperity as boosting the incomes of the bottom 40 percent of the population in every country.

Trustworthy governance and leadership along with institutional framework that is based on maqasid al shariah such as justice, freedom of religion and protection of life, intellect, posterity and wealth are further pre-requisites in Islam for shared prosperity.

How does Islamic finance further support shared prosperity?

Islam proposes an entire system of redistributive instruments such as Zakat, Qard Hasan(loan), waqf (trust), inheritance laws, and sadaqat (charity) that helps eliminates inequality of wealth and caters to the bottom 40% of the population. Thus, these core economic institutions of Islam help those who have been unable to participate in the production and consumption in the market either through labor or access to resources and can redeem their rights through these redistributive systems.

According to a report by World bank group titled, poverty and shared prosperity 2018,

“The number of poor worldwide remains unacceptably high, and it is increasingly clear that the benefits of economic growth have been shared unevenly across regions and countries. Even as much of the world leaves extreme poverty behind, poverty is becoming more entrenched and harder to root out in certain areas, particularly in countries burdened by violent conflict and weak institutions”

In conclusion, risk sharing and redistribution of wealth are the fundamentals of Islamic economic and financial system that brings about shared prosperity and one that has been revealed by the Supreme Creator. They are the major ingredients for any prosperous economy and one which differentiates itself from the conventional financial model.

Written by: Sadaf Sawant

Categories:

FOOD SUPPLY TO MUSLIM COUNTRIES ON FAIR MARKET PRICES IN SHARIAH COMPLIANT MANNER-

In the name of Allah the entirely merciful the special merciful.

All praise belongs to Allah who is Lord of all the Worlds.

Grains, particularly wheat is one of the most important necessity for human beings. When gold and silver coins or currency did not exist in ancient times, people used to trade these though barter. Therefore, when Prophet (peace be upon him) prohibited loan/credit in silver and gold and their exchange of homogeneous with excess or premium and it was considered as Riba being used as currency their quality was irrelevant because of their intrinsic value at that time, similar to the gold and silver the Holy prophet SAW prohibited exchange on in equal quantity of some other commodities like weat/grain, barley, dates, salt, as they were used as medium of exchange in the ancient era of barter and were considered as gold and silver and the qualities also were considered irrelevant while exchange homogeneously in excess was also considered as RIBA. Because they could serve as a medium of exchange, such as gold, silver.

In short gold silver, wheat, Dates, salt, their homogenous trading, was considered same like as in currency and their unequal homogeneous exchange of the commodities was declared to be a type of Riba and almost all Shariah rulings which pertained to silver and gold were legislated for these commodities as well, which are following:

1. While their exchange with the same commodity (homogeneously), trading in unequal quantity or defer payment/delivery is impermissible, for example exchange of gold with gold or wheat with wheat irreavant of their qualities.

2. If they are not exchanged with the same commodity but different kind of commodity (i.e heterogeneously), like exchange of wheat with dates, or silver with gold, their exchange in unequal quantity is permissible, however their exchange on deferred payment/ delivery or gain over credit is type of Riba.

3. Trading in gold and silver also requires the same ruling, but there is an additional condition, that they should be delivered at the session of contract so that an important element of law of contract is fulfilled because these commodities do not determines by indication, specification or pointing at, which is a condition for a valid sale and it will become liability and debt which could not be determined and it leads to exchange of these commodities on deferred basis from both side which is not permissible.

4. Majority of the scholars are of the opinion that the modern paper currency notes come under the same rulings of gold and silver as mentioned in point 3 above.

5. It is allowed to sell grains against currency on differed delivery basis, provided grains are determined and known and price is also known to prevent exchange of commodities on deferred delivery basis from both side. At least one side/consideration should be determined and delivered and possession is handed over, and the second side/consideration is at least known through specifications.

There are some other guideline with respect to trading in grains which is meant to create smooth supply and distribution of food product on fair market rate, for example in auction Najash (ﻧﺟش ) is disliked, it means someone bids in auction to raise the price without any intention to buy it, likewise Talaqi Al Jalab, ﺗﻠﻘﯽ اﻟﺟﻠب is discouraged which means to stop the Carwan at the outskirts of the city and town and purchase the merchandise over there without allowing them to enter the city and sell the merchandise on fair
market rate, to prevent its storage /hoarding ( ا رﺎﮑﺗﺣ ) with the intention to create shortage and demand and onward selling on higher rates.

It is not allowed to sell anything before its ownership and possession, likewise future or forward trading, sale of debt with debt or stipulation of any condition which is against the norm of market and in favor of any one involved in the trading, or to contingent the contract on occurring any future event, or there is any such uncertainty, ambiguity, for example price is not known or merchandise is not known, which could lead to dispute, or there is any sort of gambling, lottery or fraud, all these prevention are meant to avoid unfair distribution of wealth in the society, and cruelty against the human beings which will result in outbreak in the World.

Food product trading is very important all over the World, because it pertains to basic needs of human being, currency is just medium of exchange, currency itself should not be traded like other commodities, its excess against the commodities leads to inflation, expensiveness and high prices.

Russia is the largest exporter of the food grains. Socialism, which was emerged due to the defects and evils of Capitalism, failed because it was against the nature and Shariah, similarly capitalism, is also creating inequality and injustice or unfair distribution of wealth in the society because it is based on the elements which are against the nature and Shariah, wealth is concentrated in the hand of few rich which is not liked by Islam, and poor is get poorer due to these prohibited transactions such as RIBA, Gharar (uncertainty) void contracts (uqood fasidah and Batilah) and Maysir ( speculative transactions such as gambling) and as mentioned above.

If guidance is sought from Islamic Economic System, it has potential to eliminate all these evils, poverty and leads to fair distribution of wealth.

Russia has come forward in this regard and a Russian university has conducted a research to analyze how food product could be supplied safely to common people on fair prices, and farmer, trader and investor could be enabled to trade in compliance with Shariah principles so food products could be distributed to consumer on fair market price. And steps should be taken on international level on food safety, security and its distribution to increase trading scale and investment in this sector.

In this regard, a higher authority in Russia , HSE-Skolkovo Institute for Law and Development has directed a large Russian university to conduct research on the subject, formulate a strategy, and outlines for the same. For this purpose they have contacted us and first of all they invited my honorable father to support them for this cause, I personally travelled with my father to visit this region particularly Uzbekistan. In this journey we met with some Russian professors who were already acquainted with me and they already had my book on that topic which they were referring for guidance in this regard

After the journey when we came back, because of busy schedule of my father, they invited me to further work on the subject to further clarify the initial picture, define the outline and present it before Islamic Scholars, traders and bankers to look into its implementation.

For this purpose, on November 2-3, 2019, a session chaired by Justice Rtd. Mufti Muhammad Taqi Usmani and other distinguished speakers and panelist’s and it was allocated in a conference which was scheduled with the support of Bahrain based institution AAOIFI and World Bank and we were asked to support in inviting the relevant participants, stakeholders etc., In response we worked several months to design outline and conducted the session and Alhamdulillah it received very positive response and a number of players showed their interest in the project.

During this conference several meetings were held with a Russian delegation to convey the concept and purpose of this project and its practical implementation was discussed, and Alhamdulillah! The event went very successful. We also met with the several large investors to discuss the investment opportunities and building infrastructure for food trading in Shariah compliant manner.

In next stage, we will be discussing Sukuk Issuance, setting deals with grains traders, importers and exporters and preparation of documentation for the same, which will take enough time and hard work which if completed with the commitment and integrity, it will be very big achievement insha’allah. Since Russia is the largest grain exporter, to the successful implementation of this project, will set a good example for other countries Insha’allah. We pray for the success of this project and its acceptance in the sight of Allah Subhanahu Watalal. Allah (Subhanahu Wata’ala) may make it easy for us. Ameen.

Written by: Dr. Muhammad Imran Usmani

DISCLAIMER: Copyrights are reserved by Usmani and Co.

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کے مسائل کا حل ( Liquidity) غیر سودی اسلامی بینکوں میں سیولت

مجموعی بینکنگ ڈپازٹس میں 14فیصدحصہ غیر سودی اسلامی بینکوں ،جبکہ 86فیصد حصہ مروجہ سودی بینکوں کا ہےلیکن گذشتہ حکومتیںاپنی ضروریات کے لیے 97.65فیصد تمویل ، سودی قرض بانڈزکی شکل میں مروجہ سودی بینکوں کے ذریعے حاصل کرتی آرہی ہےاور اسلامی طریقہ تمویل سے صرف 2.35فیصد کے حد تک استفادہ کیا گیاہے۔)(Central Government Debt repot Jun 18 SBP websiteاسلام ، آئین اور قانون کا تقاضہ تو یہ ہے کہ اسلامی جمہوریہ پاکستان میں حکومت کی تمام ترمالی ضروریات اسلامی طریقہائے تمویل سے پوری کی جائیں، لیکن شریعت ، آئین اور قانون کے برخلافنہ صرف یہ کہ اب تک سودی تمویل کے طریقے اختیار کئے گئے ہیں بلکہ اسلامی طریقہائے تمویل سے چشم پوشی کی وجہ سے ملک میں موجود اسلامی مالیاتی ادارے لیکویڈیٹی مینیجمنٹ کی مشکلات سے دوچار ہیں ،گذشتہ حکومتیں اب تک اسلامی بینکوں کو مروجہ سودی بینکوں کے مقابلے میں بینکنگ کے لیے برابری کے مواقع فراہم کرنے میں ناکام رہی ہیں، اسلامی بینکوں کے ڈپازٹس کے 14فیصد حصہ کے برخلاف انہیں محض 2.35 فیصد سرمایہ کاری کے مواقع صکوک کی شکل میں فراہم کئے گئے ہیں۔

ایک طرف اسلامی صکوک کا تناسب غیر سودی بینکوں کے ڈپازٹسکے بنسبت کم تو ہے ہی ، لیکن جو غیر سودی صکوک موجود ہیں وہ بھی اب ایکسپائر اور میچور ہورہے ہیں جس کی وجہ سے مستقبلمیں یہ تناسب مزید کم ہوجائے گا ،اورغیر سودی بینکوںکی سیولت ( Liquidity)کا انتظام (liquiditymanagement)مزید مشکلات سے دوچار ہونے کا اندیشہ ہے، غیر سودی بینکوں کے ان مسائل کو حل کرنے ،ملک سے سود کے لعنتسے چھٹکارے اور غیر سودی بینکنگ کے نظام کو فروغ دینے کے لیے دو اقدامات پر فوری عمل ناگزیر ہے، ایک تو یہ کہ جو صکوک میچور ہورہے ہیں، ان کا دوبارہ اجراء کیا جائے اور دوسرے نمبر پر پہلے مرحلے میں غیر سودی بانڈز ،یعنی صکوک کا حصہ 2.35فیصد سے بڑھا کرغیر سودی بینکوں کے ڈپازٹ کے تناسب سے 14فیصد کیا جائے اور دوسرے مرحلے میں آہستہ آہستہ اس تناسب میں اضافہ کیا جاتا رہے، یہاں تک کہ تمام تمویل اسلامی طریقے سے ہو

صکوک کے اجراء کے ساتھ ساتھ لیکویڈیٹی کی مشکلات کےحل کے لیے مزید اقدامات پر بھی غور کرنے کی ضرورت ہے، مشرق وسطی کی اسلامی مارکیٹ میں سیولت ( Liquidity)کے انتظام کے لیے اشیاء و اجناس کے بازار کو استعمال کیا جاتا ہے اس طرح کے مختلف بازار مختلف ممالکمیں موجود ہیں مثلا لندن کے دھاتوں کا بازارLondon metel exchange market لیکن ان بازارون کے انتظام اور کنٹرول میں چونکہ اسلامی مالیاتی نظام کے اصولوں کو مد نظر نہیں رکھا گیا، اس لیے ان بازاروں میں شرعی حوالے سے مختلف خامیاں پائی جاتی ہیںجس کی وجہ سےعقود ناجائز اور بعض اوقات مشتبہ ہوجاتے ہیں، انہی خرابیوں کی بناء پر ملائیشیا کی غیر سودی مارکیٹ نے اشیاء کا بازار (بورصہ سوق السلع ) بنایا ہے ، جہاں پر ملائیشیاء کے شرعی امور کے ماہرین کی نگرانی میں اسلامی مالیاتی ادارے اس بازار کے توسط سے اپنی سیولت ( Liquidity)کی ضروریات کو پورا کررہے ہیں، ضرورت اس امر کی ہے پاکستان میں بھی اشیاءواجناس کے بازاروں کی حوصلہ افرائی کی جائے، اس سلسلے میں ابتدائی کوششیں کی جاچکی ہیں اور تجرباتیبنیاد پر پاکستان مرکنٹائل ایکسچیج میں کچھ ٹرانزکشن بھی کی گئی ہیں، لیکناس سلسلے کو مزید فروغ دینے کی ضرورت ہے، اور پاکستان میں موجود اجناس کے بازاروں سے استفادہ حاصل کرنے کی ضرورت ہے ، الحمد اللہ پاکستان ایک زرعی ملک ہے، جہاں پر مختلف اجناس پیدا ہوتی ہیں اور مستقبل کی ضروریات کے لیے اجناس ذخیرہ بھی کی جاتی ہیں ،غیر سودی بینکوں اور حکومت دونوں کو چاہیے کہ وہ ان اجناس کے حقیقی بازاروں کو فروغ دیں ، جس سے ایک طرف حکومت اور غیر سودی بینکوں کی تمویل ، سرمایہ کاری اور سیولت ( Liquidity)کی ضروریات پوری ہوں گی، دوسری طرف یہ بازار جو کہ سرکاریطور پر غیر منظم ہیں ، جب یہ سکیوریٹی اینڈ ایکسچینج کمیشن آف پاکستان سے رجسٹرڈ ہوں گے توپاکستان ،غیر کاغذی معیشت (undocumented economy) کے جس مسئلہ سے دوچار ہے اسے حل کرنے میں بھی مدد ملےگی، نیز پاکستانمیں جب اسلامی اصولوں کے مطابق اشیاء کے بازار منظم ہوں گے تو باہر کی اسلامی مارکیٹ جو کہ عالمی اسلامی مارکیٹ کا 99فیصد ہے وہ بھی پاکستانکی شریعہ کمپلائنٹ مارکیٹ میں سرمایہ کاری کرے گی، جس سے بیرونی سرمایہ پاکستان آئے گا

اسٹیٹ بینک کی طرف سے ڈپازٹسکی تخلیق کو روکنے کے لیے قانونی سیولت ( Liquidity)کا مطالبہ (SLR) بھی ہوتاہے، مروجہ سودی بینکوں کے پاس اس قانونی تقاضہکو پورا کرنے کےلیے نفع بخش انسٹریومنٹس وافر مقدار میں پہلے سے مہیا ہیں ، جبکہ غیر سودی اسلامی بینک جائز نفع بخش انسٹریومنٹ مہیا نہ ہونے کی وجہ سے ، اس مطالبہ کو پوار کرنے کے لیے اپنا کیش اسٹیٹ بینک کے پاس بلا معاوضہ رکھنے پر مجبور ہیں، اورمروجہسودی بینکوں کے مقابلے میں نقصان برداشت کررہے ہیں ،جس کی وجہ سے ان کی کارکردگی متاثر ہورہی ہے، اگر سٹیٹ بینک اشیاء کے بازار میں ادائیگی کی گارنٹی غیر سودی بینکوں کو دے دے تو ان بازاروں کے توسط سےقانونی سیولت ( Liquidity)کا مطالبہ (SLR)بھی پورا کیا جاسکتا ہے اور غیر سودی اسلامی بینکوں کو نقصان سے بچایا جاسکتا ہے

اسلامی مالیاتی نظام کا فروغ آئین پاکستان، اسلام اور مدینے کی ریاست کا تقاضہ ہے ، پاکستان ِ مسلمانان موجودہ حکومت سے امید لگائے بیٹھے ہیں کہ اب کی بار سود کی لعنت سے چھٹکارا حاصل کیا جائے گا اور اس سلسلے میں اب تک کی کوششوں سے جو ادارے غیر سودی تمویل اور سرمایہ کاری ) کے Liquidity کے خدمات فراہم کررہے فوری طور پر ان اسلامی مالیاتی اداروں کے سیولت ( ) کے مشکلات Liquidity مسائل کو حل کیا جائے گا۔ اسلامی معیشت کے ماہرین کے مطابق سیولت ( کو حل کرنے کے لیے صکوک کا تناسب جو کہ انتہائی کم ہے اسے بڑھانا ضروری ہے، اور اشیاء کے بازار کو اسلامی اصولوں کے مطابق منظم کرنا بھی اس سلسلے میں مفید ہے۔

Written by: Dr. Muhammad Imran Usmani

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