بیع الوفاءکی عصری تطبیقات کاتحقیقی وتجزیاتی مطالعہ

A Research Based Analytical Study of Modern Applications of Sale of al-Wafā

Abstract

Sale of al-Wafā is a business deal whereby the owner of an asset sells it, with a condition that he will have it back once he returns its price to the purchaser. In actual, he who needs cash sells his asset in cash, with the condition that whenever he returns the cash to the purchaser, the later returns to him his asset. Thus, it is a sale contract with an attached condition of abrogation, the seller returns the cash and the buyer returns the asset. This form of sale is extensive as a substitute to beneficial loans, whereas, the vendor can obtain money without abandoning his property by sale. The purchaser as well can benefit from his surplus property without resorting to interest. In this study, some modern applications of “Ba’ al-Wafā” has been discussed, the main purpose of which to elucidate its role, its efficacy and applicability in the modern economics. The study concludes that Sale of al-Wafā can conditionally play a role in the existing economy. The difficulty in adopting it is that the jurists have different opinions about its legal status. On the other hand, negligence in its conditions and essentials can lead to many economic problems like interest and unrestricted use of mortgages etc. Therefore, great care is required to implement it in practice. Although it is not a perfect and standard deal but to avoid the usury issues the Sale of al-Wafā can be used until the ideal alternative is applied.