Transactions with Uncertainty in Them

75 Yahya related to me from Malik from Abu Hazim ibn Dinar from Sa'id ibn al-Musayyab that the Messenger of Allah, may Allah bless him and grant him peace, forbade the sale with uncertainty in it.

[In Muslim]

Malik said, " An example of one type of uncertain transaction and risk is that a man postulates the price of a stray animal or escaped slave to be fifty dinars. A man says, 'I will take him from you for twenty dinars.' If the buyer finds him, the seller loses thirty dinars, and if he does not find him, the seller takes twenty dinars from the buyer."

Malik said, " There is another fault in that. If that stray is found, it is not known whether it will have increased or decreased in value or what defects may have befallen it. This transaction is full of uncertainty and risk."

Malik said, " According to our way of doing things, one kind of uncertain transaction and risk is selling what is in the wombs of females - both women and animals - because it is not known whether or not it will come out, and if it does comes out, it is not known whether it will be beautiful or ugly, normal or disabled, male or female. All that is disparate. If it is so, its price is such-and-such, and if it is so, its price is such-and-such."

Malik said, " Females must not be sold with what is in their wombs excluded. That is, for instance, that a man says to another, 'The price of my sheep which has much milk is three dinars. She is yours for two dinars while I will have her future offspring.' This is disapproved of because it is an uncertain transaction and a risk."

Malik said, " It is not halal to sell olives for olive oil or sesame for sesame oil, or butter for ghee because muzabana comes into that because the person who buys the raw product for something specified which comes from it, does not know whether more or less will come out of that, so it is an uncertain transaction and a risk."

Malik said, " A similar case is the bartering of ben-nuts for ben-nut oil. This is an uncertain transaction because what comes from the ben-nut is ben-oil. There is no harm in selling ben-nuts for perfumed ben-oil because perfumed ben-oil has been perfumed, mixed and changed from the state of raw ben-nut oil."

Malik, speaking about a man who sold goods to another on the provision that there was to be no loss for the buyer (i.e. sale or return), said, " This transaction is not permitted and it is part of risk. The explanation of why it is so is that it is as if the seller hired the buyer for the profit if the goods make a profit. If he sells the goods at a loss, he has nothing, and his efforts are not compensated. This is not good. In such a transaction, the buyer should have a wage according to the work that he has contributed. Whatever there is of loss or profit in such goods is for and against the seller. This is only when the goods are gone and sold. If they do not go, the transaction between them is null and void."

Malik said, " As for a man who buys goods from a man and then the buyer regrets and asks to have the price reduced and the seller refuses and says, 'Sell it and I will compensate you for any loss, ' there is no harm in this because there is no risk. It is something he proposes to him, and their transaction is not based on that. That is what is done among us."

31.35 Al-Mulamasa and al-Munabadha

76 Yahya related to me from Malik from Muhammad ibn Yahya ibn Habban and from Abu'z-Zinad from al-A'raj from Abu Hurayra that the Messenger of Allah, may Allah bless him and grant him peace, forbade mulamasa and munabadha.

[cf Bukhari 2039]

Malik said, " Mulamasa is when a man can feel a garment but does not know what is in it. Munabadha is that a man throws his garment to another, and the other throws his garment without either of them making any inspection. Each of them says, 'This is for this.' This is what is forbidden of mulamasa and munabadha."

Malik said that selling bundles with a list of their contents was different from the sale of the cloak concealed in a bag or the cloth folded up and such things. What made it different was that it was a common practice which people were familiar with, and which people had done in the past, and it was still among the permitted transactions and trading of people in which they saw no harm, because in the sale of bundles with a list of contents without undoing them, an uncertain transaction was not intended and it did not resemble mulamasa.

31.36 Murabaha Transactions (Partnership between Investors and Borrowers in Profit-Sharing Re-Sales)

77 Yahya related to me that Malik said, " The generally agreed-on way of doing things among us about a man buying cloth in one city and then taking it to another city to sell as a murabaha is that he is not reckoned to have the wage of an agent or any allowance for ironing, folding, straightening, expenses, or the rent of a house. As for the cost of transporting the drapery, it is included in the basic price and no share of the profit is allocated to it unless the agent tells all of that to the investor. If they agree to share the profits accordingly after knowledge of it, there is no harm in that."

Malik continued, " As for bleaching, tailoring, dyeing and such things, they are treated in the same way as drapery. The profit is reckoned in them as it is reckoned in drapery goods. So if he sells the drapery goods without clarifying the things we named as not getting profit, and the drapery has already gone, the transport is to be reckoned, but no profit is given. If the drapery goods have not gone, the transaction between them is null and void unless they make a new mutual agreement on what is to be permitted between them."

Malik spoke about an agent who bought goods for gold or silver, and the exchange rate on the day of purchase was ten dirhams to the dinar. He took them to a city to sell as a murabaha, or sold them where he purchased them according to the exchange rate of the day on which he sold them. If he bought them for dirhams and sold them for dinars, or he bought them for dinars and sold them for dirhams, and the goods had not gone, then he had a choice. If he wished, he could accept to sell the goods, and if he wished, he could leave them. If the goods had been sold, he had the price for which the salesman bought them, and the salesman was reckoned to have the profit on what they were bought for, over what the investor gained as profit.

Malik said, " If a man sells goods worth one hundred dinars for one hundred and ten, and he hears after words that they are worth ninety dinars, and the goods have gone, the seller has a choice. If he likes, he has the price of the goods on the day they were taken from him unless the price is more than the price for which he was obliged to sell them in the first place, and he does not have more than that - and it is one hundred and ten dinars. If he likes, it is counted as profit against ninety unless the price his goods reached was less than the value. He is given the choice between what his goods fetch and the capital plus the profit, which is ninety-nine dinars."

Malik said, " If someone sells goods in murabaha and he says, 'It was valued at one hundred dinars to me.' Then he hears later on that it was worth one hundred and twenty dinars, the buyer is given the choice. If he wishes, he gives the salesman the value of the goods on the day he took them, and if he wishes, he gives the price for which he bought them according to the reckoning of what profit he gives him, as far as it goes, unless that is less than the price for which he bought them, for he should not give the owner of the goods a loss from the price for which he bought them because he was satisfied with that. The owner of the goods came to seek extra, so the buyer has no argument against the salesman in that to make a reduction from the first price for which he bought it according to the list of contents."

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