Condition of Possessory Value in Validity of Transactions with Special Reference to Imam Khomeini's Approach

Islamic jurisprudence laws and directives issued for regulating economic relations, although legal in nature, can depict the general guidelines and path toward which the society shall be redirected. One of these major guidelines is parity in transactions and meeting the rights of both parties based on centrality of truth. To realize this in Islamic jurisprudence, certain conditions have been set forth for validity of transactions based on Divine teachings. One of these conditions is the conditions of considerations, one of which deals with the accuracy of attributing the term “possessory value” of considerations, as mentioned in Article 215 of Civil Law. At the same time, some jurists have interpreted “possessory value” as “ownership”, meaning a property that raises profit. It is certain that in any transaction “considerations” or in legal term “object of transaction” or “object of obligation” must in the end have the value of transaction in order to be legitimately right for giving away the property. Developed in analytical, and in some cases critical approach, this paper explores the concept and fundamentals of property and comprehensively studies this condition in validity of transactions.