Kind: captions
Language: en
for
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what Foreman.
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Alhamdulillah.
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When buying and selling, Islam has room
for tolerance
and it always puts in its mind the
benefit of the parties involved.
That's why we have the option to cancel
the transaction.
It is not something that is
binding to the extent that it would
cause hardship. Rather, there is a room
of tolerance and Islam encourages such
tolerance.
And the option to cancel a transaction
means that once I sell and buy
and there is
agreement between the seller and the
buyer to cancel it
then this is permissible.
There are a number of options here. And
alhamdulillah
the prophet saidatam
the
people involved
the two parties involved in a
transaction
have the option to cancel it as long as
they have not parted. And this is known
as the option to cancel before partying.
In Arabic, we call it.
What does that mean? We are in the same
room. How much is this pen? It's €1.
Oh, that's mighty fine. Here you go.
I'll buy it from you. And I give him a
euro. He gives me the pen. We're still
in the shop. We're still in the room.
After half an hour,
I say to him, I tell you what, I think
I've changed my mind.
He doesn't have the right to say, well,
I have got gotten the the cash and I
gave you the merchandise. I will not
quit you. No, this is my God-given
right. As long as we are in the same
room or the shop, we have not parted
physically. So he's obliged to accept
taking back his merchandise and giving
me back the money. A lot of people don't
know this even among the Muslims
and they would think, "Oh no, I've
struck a deal. I'm not going back." No,
you have to go back because this is the
Islamic
obligation upon you as long as you did
not depart.
Another option to cancel is before
or actually after we stipulate a
condition.
stipulating a condition meaning that
when we are in the transaction
I see something for example a house that
I want to buy and I said listen I'll buy
the house but I have two days or three
days or one month option
if I don't like it I'll cancel the deal
you give me back my money I'll try the
car
for 24 hours. If I don't have positive
vibes, take your car back and give me
back my money. This option is again
valid option because the prophet
saidatam
the Muslims are bound by their
conditions. I stipulated the condition,
you agreed it's fixed. We have to follow
it and we have to abide by it.
A third option to cancel is because of a
defect in an item. And this is a
no-brainer even for non-Muslims. So if I
buy something
and after paying the price, I find that
this particular merchandise or product
is defected. There's something wrong
with it. In this case, I have the right
to return it and take my money back or
we reach an agreement
stating that he has to refund me
as much as the defect is actually
valued at. So, if I buy a car to be a
good car worth of a h 100,000 and then I
discover that it's defected in the
brakes and that would reduce the price
to 90,000,
either he returns my money and takes the
car or he gives me 10,000 back for the
defect that he did not uh disclose to
me. or even if he did not know he has to
uh uh bear the cost of it.
Now having said that not any defect
would render the option to cancel.
There are defects that are negligible. a
small scratch in the body uh paint for
example or something that is totally not
counted as a defect.
And this is known upon the people that
deal with selling and buying.
And one of the options to cancel is the
option because of an unfair price. And
this is known as
and this is an issue of dispute
because schools of thought
say that
for example and aliki if I'm not
mistaken
say that this is not counted and you
cannot cancel it unless there is a sort
of cheating or defect or um lying.
So if I buy something
the normal price is a is a,000 and I buy
it for 3,000.
I didn't know the price was this high.
The majority of scholars say if the
price is extremely high beyond reason
and some of them state that the reason
is
20% above market value and some say 33%
which is a third and some say half and
some say double.
Whenever there is
an unreasonable hike in the price that
the buyer did not know of,
this renders the option or this gives
the option for the buyer to cancel the
sale. But this is a little bit gray area
because I may buy something and then
find a better deal somewhere else. maybe
5% 10% increase.
So I cancel it and I say well I'm I'm
cancelelling it because of an unfair
price. This is unfair for the seller.
This is why we have bargaining.
So scholars say that even if it's 10%
15%
more than the market value still it's
within reason. But when it's something
that is
unreasonable
and irrational among the market uh um
dwellers, those who sell and buy, they
say, "Whoa, that was a lot." In this
case, that would Yeah. and he give you
the right to
ask for cancellation
or at least we can bargain again maybe
reach a settlement and as I said this is
quite difficult to determine but usually
the beauty of Islam is if you switch
places now as a seller I sold you the
merchandise yes I know that you can find
it half the price elsewhere. But you
came to my shop and I have a shop in a
big mall, a big brand name, that's your
problem. So, I would be
inclined not to. But if we switch
places, if I were the one to buy a
merchandise and then discover that I was
scammed or fooled, I didn't know the
market value in this case, how would I
feel? Definitely I would want to be
acquitted
and the option of cancelling because of
the unfair price can also be applicable
to the seller. Maybe the prices went up
and I thought that my merchandise price
is this and a buyer comes into the
market to my shop and says, "Oh, I'll
take all of it and I'm happy and I sell
it." not knowing that the prices have
doubled overnight,
I have the right to ask for a quitting
and to cancel the uh the transaction
after I know providing I do that
immediately. This goes for the buyer and
the seller. I can't buy a product and
enjoy it for a month and then say, "Hey,
listen. I was scammed about the price. I
knew a month ago or a couple of weeks
ago that I bought it for too much of its
price and now I want to be acquitted.
No, that doesn't work. It has to be done
immediately and Allahawel
knows best.
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for
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me to
Foreign
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