buys a good in order to sell it and

buys a good in order to sell it and take its price. This, then, is Tawarruq (a form of ‘Inah),
which is Makrooh (reprehensible) according to the most eminent of the jurists.86
Another variant of sale and repurchase transactions is when a person sells his house and
takes the price, but then, for example, the purchaser promises that whenever he gives the
price back, the latter will resell the house to him. This is a ruse permitted by Hanafi jurists
subject to certain conditions. Such an arrangement, termed Bai‘ bil Wafa in the Hanafi Fiqh,
basically treats the sold asset as collateral until the amount is paid back by the other party
to the sale. In this arrangement, a person sells his house and takes the payment; the buyer
promises to the seller that whenever the latter gives him back the price of the house, he will
resell the house to him. The Hanafi jurists have opined that if the resale of the house to the
original seller is made a condition for the initial sale, it is not allowed. However, if the first
sale is executed without any condition, but after effecting the sale, the buyer promises to
resell the house whenever the seller offers to him the same price, this promise is acceptable
and it creates not only a moral obligation, but also an enforceable right of the original seller.
Even if the promise has been made before effecting the first sale, after which the sale has
been effected without a condition, it is allowed by certain Hanafi jurists.87
On the basis of the above, some forms of repurchase promises have been allowed by the
Shar¯ı´ah scholars, and Islamic banks provide housing finance through the arrangement of
Diminishing Musharakah. Banks purchase a part of the ownership of the client in a plot
of land/house and the client promises to repurchase the same after the lapse of a period
in which its market value changes, generally one year. The period of one year has been
suggested by scholars so that the transaction might not enter into the prohibited category of
Bai‘ al ‘Inah or a sale and buy-back arrangement.88
6.12 OPTIONS IN SALES (KHIYAR)
The Shar¯ı´ah demands that the seller should disclose all the defects in the article being sold.
Otherwise the sale is not valid. When a person has made a purchase and was not aware, at
the time of sale or previously, of a defect in the article bought, he has an option, whether
the defect is small or big, and he may either be content with it at the agreed price or reject
it. If a seller has sold an asset as being possessed of some specific quality, and that asset
turns out to be without that quality, the buyer has an option to annul the contract. It is to
be recognized, however, that the right to exercise an option is not automatic. It has to be
specified at the time of entering into the contract. This brings us to another extraordinary
peculiarity of Islamic law: the doctrine of option or the right of cancellation (Khiyar).
Even when a sale is duly executed, free from any grounds of illegality, it still may not
be absolutely binding on the parties involved if the condition of option is provided in the
contract (Khiyar al-Shart).89 So long as the parties do not leave the place of contract, any of
them can cancel the deal (Khiyar al-Majlis). However, if it is stipulated that the contract has
been finalized even if the parties do not separate, Khiyar al-Majlis will not be available.90

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buys a good in order to sell it and take its price. This, then, is Tawarruq (a form of ‘Inah),which is Makrooh (reprehensible) according to the most eminent of the jurists.86Another variant of sale and repurchase transactions is when a person sells his house andtakes the price, but then, for example, the purchaser promises that whenever he gives theprice back, the latter will resell the house to him. This is a ruse permitted by Hanafi juristssubject to certain conditions. Such an arrangement, termed Bai‘ bil Wafa in the Hanafi Fiqh,basically treats the sold asset as collateral until the amount is paid back by the other partyto the sale. In this arrangement, a person sells his house and takes the payment; the buyerpromises to the seller that whenever the latter gives him back the price of the house, he willresell the house to him. The Hanafi jurists have opined that if the resale of the house to theoriginal seller is made a condition for the initial sale, it is not allowed. However, if the firstsale is executed without any condition, but after effecting the sale, the buyer promises toresell the house whenever the seller offers to him the same price, this promise is acceptableand it creates not only a moral obligation, but also an enforceable right of the original seller.Even if the promise has been made before effecting the first sale, after which the sale hasbeen effected without a condition, it is allowed by certain Hanafi jurists.87Berdasarkan hal di atas, beberapa bentuk janji-janji repurchase telah diizinkan olehShar¯ı´ah ulama, dan Bank Syariah memberikan pembiayaan perumahan melalui pengaturanKita semakin berkurang. Bank membeli bagian dari kepemilikan klien dalam plotluas tanah rumah dan janji-janji klien untuk membeli kembali sama setelah selang waktudi mana nilai pasar berubah, umumnya satu tahun. Periode satu tahun telahdisarankan oleh sarjana sehingga transaksi mungkin tidak masuk ke dalam kategori dilarangBai' al ' Inah atau penjualan dan pembelian kembali arrangement.886.12 PILIHAN DALAM PENJUALAN (KHIYAR)Shar¯ı´ah menuntut bahwa penjual harus mengungkapkan semua Cacat artikel sedang dijual.Sebaliknya penjualan ini tidak berlaku. Ketika seseorang telah membuat pembelian dan itu tidak menyadari, diwaktu penjualan atau sebelumnya, dari cacat artikel membeli, ia memiliki pilihan, ApakahCacat kecil atau besar, dan dia mungkin menjadi puas dengan hal itu dengan harga yang telah disepakati atau menolakitu. Jika penjual telah menjual aset seperti memiliki beberapa kualitas yang spesifik, dan aset yangternyata menjadi tanpa bahwa kualitas, pembeli memiliki opsi untuk membatalkan kontrak. Untukharus diakui, namun, hak untuk membuat pilihan tidak otomatis. Itu harusditentukan pada saat memasuki kontrak. Ini membawa kita ke lain yang luar biasakeganjilan dari hukum Islam: doktrin pilihan atau hak pembatalan (Khiyar).Bahkan ketika penjualan telah ditandatangani, bebas dari setiap Taman ilegalitas, masih mungkin tidakmenjadi benar-benar mengikat pihak terlibat jika kondisi pilihan tersedia dikontrak (Khiyar al-Shart).89 asalkan pihak tidak meninggalkan tempat kontrak, salahmereka dapat membatalkan transaksi (Khiyar al-Majlis). Namun, jika disyaratkan bahwa kontrak telahtelah diselesaikan bahkan jika para pihak tidak terpisah, Khiyar al-Majlis tidak akan available.90