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Hi Hello Essay

1478 words - 6 pages

ISLAMIC BUSINESS TRANSACTION

CONTENT
DEFINITION
DEFINITION

EVIDENCES
PILLARS
CATEGORIES

APPLICATION

2

Ð
Ð
Ð
Ð
Ð
Ð

DEFINITION
EVIDENCE
PILLARS OF AL-HIWALAH
CATEGORIES OF AL-HIWALAH
ADVANTAGE OF AL-HIWALAH
APPLICATION OF AL-HIWALAH

DEFINITION
DEFINITION
DEFINITION

EVIDENCES
PILLARS
CATEGORIES

APPLICATION

3

Ð Literally
To turn over; move or transfer
Ð Technically
To make a transfer of a debt from one debtor to the debtor
account of another
To transfer a debt from one person (debtor) to another with
the same price, it comes to the consequence than the liability
of the debtor is abolished. In other words, the first obligator is
freed ...view middle of the document...

When there is one of you, get the offer
from other to transfer your debt to another person, just accept
itµ
In Riwayat Ahmad, Prophet Muhammad S.A.W: ´Whom of
you (the debt is transferred to a rich person) to settle the debt,
please just accept the offer.µ

EVIDENCE
DEFINITION
DEFINITION

EVIDENCES
PILLARS
CATEGORIES

APPLICATION

6

Ð Ijma
The majority of Muslim Scholars opined that the word
´please just followµ or ´please just transferµ is bring the
means unnecessary command, not as an obligation.
In other words, when the person A gives a debt to B, and
after a period of time, B is transfers the debt to C. C will going
to pay the debt to A. A has the option, whether to accept or
decline the offer.

CASE STUDY
DEFINITION
DEFINITION

EVIDENCES
PILLARS
CATEGORIES

APPLICATION

7

Ð Nature:
A has a debt owing to him from B and A himself owes a debt
to C. All three agree that C, instead of realising his due from
A, and A his due from B, C shall realise his duties from B.
Ð Involving:
Guarantee= Adjoining liabilities
Hawalah: Transfer/ Removal
Ð It must be absolute transfer, not subject to future and not
conditional.
Ð It may subjected to the debt incurred in the future.
Ð Hawalah benefits the creditor and relieves the debtor difficulty.

PILLARS OF AL-HIWALAH
1.
DEFINITION
DEFINITION

2.
EVIDENCES
PILLARS

3.

CATEGORIES

4.

APPLICATION

5.

8

Muhil
A person who is transfers his debt to another person.
Muhal-Lah
A creditor, whom his property/ debt is transferred to be
paid by another person instead of his debtor.
Muhal Alaihi
Tranferee² a person who accept a hiwalah to himself
Muhal Bih
The things which is transferred by Hiwalah
Sighah
Ijab (Offer)
Qabul (Acceptance)

FLOWS OF AL-HIWALAH
DEFINITION
DEFINITION

Muhal Alaihi
(Transferee)

EVIDENCES
PILLARS
CATEGORIES

Muhal Bih
(Debt/ Things which is
transfered)

APPLICATION

Muhil
(Transferor/ Debtor)
9

Muhal Lah
(Creditor)

CATEGORIES
CATEGORIES OF AL-HIWALAH
DEFINITION
DEFINITION

1.

Restricted
Hiwalah
Muqayyadah hawalah

EVIDENCES

This type of hiwalah when a transfer is
made with reference to the debt on the
transferee. The majority only recognizes
this type of hiwalah.

PILLARS
CATEGORIES

2.
APPLICATION

Hiwalah restricted by a stipulation
The transferee to pay from property of the
transferor, owed to him by the transferee,
or in the hand of the transferee

Hiwalah
Mutlaqah

Absolute
hiwalah

A hiwalah which is not restricted for
payment to be made from property of the
transferor in the hands of the transferee
This is a type of hawalah where the
contract is concluded without reference to
the debt on the transferee and he accepts
the transfer. The majority argues that the
contract is a kafalah and not hiwalah.

10

TYPES OF RESTRICTION
DEFINITION
DEFINITION

EVIDENCES
PILLARS
CATEGORIES

APPLICATION

11

Ð Hawalah...

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