Bai al Inah; a Jurisprudential Analysis and its Application to Subordinate Transaction and Tavaruq Securities
Bai al Inah (purchase on credit) means buying cash and sell on credit to the seller and vice versa to provide market liquidity. Using an analytical method, this paper analyzes the ruling of Bai al Inah and its potentiality for rectifying the subordinate transaction and tavaruq securities in the capital market. By examining the narrations on the Bai al Inah, we can conclude that, if the second transaction is conditioned from the beginning and all risks are taken to the buyer, such a transaction is not correct and it is a case of usury. Although these two conditions may rectify the transaction, it is not usually possible to fulfill these conditions in individual transactions; but in the case of banking and capital market transactions where all terms and conditions are specified from the beginning and cannot be violated, these conditions are almost impossible to achieve. The research findings show that if taking the property in the subordinate transaction is personal, such a deal applies Bai al Inah and is not allowed; but if done in a general format, it is correct and will enhance the real sector. Also, individual tavaruq, unlike banking tavaruq, is usually qualified. Of course, the realization of these two types of contracts is based on the creation of a proper structure of the Islamic capital market and the prevention of sick trading exchange.
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