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Islamic Commodity Trading Principles
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Islamic Commodity Trading Principles

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Questions and Answers

Which condition must be met before the seller can sell a commodity to the buyer?

  • The seller must explain the details of the commodity
  • The buyer must specify the commodity
  • The commodity must be in possession of the buyer
  • The seller must own the commodity (correct)

    • What is a transferable commodity in the context of organized Tawarruq?

  • Commodities used in Bay 'Inah sales
  • Commodities owned by the financial institutions
  • Commodities that can be transferred from place to place (correct)
  • Commodities that are specified by the buyer

    • What do the majority of jurists consider regarding Bay 'Inah sales?

  • Permissible under certain conditions
  • Prohibited according to Islamic law (correct)
  • Mandatory for financial institutions
  • Recommended in Islamic finance

    • Which commodities are examples of transferable commodities in organized Tawarruq?

    <p>Metals, cement, rice, and cars</p> Signup and view all the answers

    Which contract involves the sale of an item to the buyer at a selling price comprising the cost price plus profit margin?

    <p>Bay' al Murabaha</p> Signup and view all the answers

    Which feature is explicitly mentioned as a characteristic of the Murabaha contract?

    <p>Transparency</p> Signup and view all the answers

    Under which category does the sale contract that involves prepayment for future delivery fall?

    <p>Bay' al Salam</p> Signup and view all the answers

    Which contract refers to a sale of an item for a price payable on a deferred basis?

    <p>Bay' al Dayn</p> Signup and view all the answers

    'Bay' al Inah' refers to which type of transaction?

    <p>'Sale and buy-back'</p> Signup and view all the answers

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