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(2) The Iqalah should take place in one and the same sitting.
(4) The thing/object of sale should be present. The constancy of the price is
not the essential condition.
(5) The thing/object of sale should be of such nature the deal of which can be
rejected on the pleas enunciated under terms of rights known as Khyar-e-
Shart, Khar-e-Ruyet and Khar-e-Aib (we have dealt with these Powers/Rights
in details in the forgoing pages under these very specific captions).
(6) If interference of grave nature has taken place with the object on account
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of which the deal can not be rejected, Iqalah is also not possible and
permissible.
(7) The seller should not have gifted the object before its possession by the
buyer.
PROBLEM:- The thing (of deal) was present and intact at the time of Iqalah
but before it could be returned it was destroyed/damaged beyond
recognition the Iqalah to becomes obsolete.
PROBLEM:- On account of some defect after the sale the Iqalah is done on a
lessor amount than the sale price, this is permissible. If however, the defect
in removed later, then the buyer can take the amount from the seller which
he got less on account of the defect in the thing in the first stage of Iqalah.
PROBLEM:- The soap was sold in fresh condition, but the Iqalah was done
when the soap became dry. The buyer will have to give the same (dried)
soap, on Iqalah.
PROBLEM:- Iqalah means the cancellation of the original deed between the
original seller and buyer, but this Iqalah is the fresh deal for the other
person. It means that if on account of the Iqalah the original deal can not be
treated as cancelled, then the iqalah itself becomes false and inoperative.
For example if after the deal of a slave girl (which not in vogue at the
present time) or a pet animal, if a young one is born, then the Iqalah of the
slave girl or the animal can not he done.
PROBLEM:- If the seller receive excess amount from the buyer and if the
buyer desires to do Iqalah of the thing, there should be hitch in doing the
Iqalah. (The excess amount received by the buyer is reasonable limit as a
profit etc) then there is no need for the Iqalah. The buyer can straight away,
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cancel the deal.
PROBLEM:- IF a thing is given as a (free) gift to some one (in token of love,
respect, affection etc) but the man receiving the gift sells as an object of
deal, now the man presenting the gift can not get it back.
PROBLEM:- Just as the Iqalah of an object of deal can be done, in the same
way the Iqalah of the (first) Iqalah can also be done. The Iqalah of the Iqalah
cancels the first Iqalah which means the return of original deal (of sale).
However if in `Bai-e-Salam (we shall deal with this later) the object of deal
has not changed hands and its Iqalah has taken place then the Iqalah of this
Iqalah is not permissible.
Source: http://www.alahazrat.net/islam/undesriable-(makrooh)-deal-qanoon-
e-shariat.php