Research-oriented Critical Review of the Arguments for Sharī’ah Status of Bay-ul-Wafa

بیع الوفاء کی شرعی حیثیت اورفریقین کے دلائل کاتحقیقی وتنقیدی جائزہ

Abstract

Islam is a comprehensive Deen which deals with all aspects of human life. Islam condemns Riba in the strongest terms. Scholars have sorted out multiple alternatives for individuals to secure them from any unlawful financial action. Bay-ul-Wafa is one of this sort. It is a contract whereby the owner of an asset sells it, with a condition that he will have it back once he returns its price to the buyer. In actuality, he who needs cash, sells his asset into cash, with the condition that whenever he returns the cash to the buyer, the latter 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 estate. This form of sale is widespread as a substitute for beneficial loans, whereas, the vendor can obtain money without losing his property by sale. The purchaser as well can benefit from his surplus property without resorting to Riba. The article begins with the description of the relevant terminologies, characteristics and significance of the Bay-ul-Wafa. The researcher also included brief but all-inclusive history and development of Bay-ul-Wafa. Nevertheless, the article mainly discusses the Islamic jurisprudence status of the Bay-ul-Wafa with arguments along with examples from both those who approve it and from those who disapprove this practice. Conclusively, the author presented statements of some renowned scholars and applications of Bay-ul-Wafa.