THE CONCEPT OF SALE IN ISLAMIC JURISPRUDENCE (FIQH) AND ITS SIGNIFICANCE

Abstract

Numerous evidences concerning the legitimacy of sale under Shariah are found in the Holy Qur’an and the noble Hadith.

Linguistically, bayʿ (sale) means exchanging one thing for another. In Shariah terminology, bayʿ is a financial exchange contract that conveys ownership of an object or of a perpetual benefit. The sale of perpetual benefits includes, for example, the right of passage, the right to place a beam on a wall, and the right to build on a second floor.