Sale and Purchase Agreement in Islam

Sale in Arabic is (al-ba) means "exchanging something with something", and the contrary of sale is purchase or (Al-syira).  Ibn Qudamah expressed as follows: "Exchanging the property with the property with possession and delivery of a property".

Selling Principle

According to the Jumhur Ulama, there are four selling principle :

1. The Seller (Ba'i) 
2. The Buyer (Mustari)
3. Ijab Qabul (Sighat)
4. Object Of Purchase.

Terms of Sale and Purchase

First, the requirements relating to the practice of buying and selling, both sellers and buyers, namely:

Should both of buyer and seller with pleasure and voluntarily and without coercion.  

They are competent in the practice of buying and selling, that they were mukallaf and rasyid (have skills in managing money), so that unauthorized transactions made by a child, crazy person or the people who were forced.

Second, about the object / goods bought and sold, the terms are:

Object of the sale (either in the form of merchandise or price / cash) is holy and useful goods and not unclean or illicit goods, because the illicit goods is  forbidden to be traded.

Object of the sale is a full property rights, a person can sell goods that do not belong if it gets permission from the owner of the goods.

Object of the sale can be handed over, so it is not legally sell the birds that fly in the air, or person who sell camel escaped from the cage, etc. Transactions that contain objects such as buying and selling is forbidden because it contains gharar (speculation) and selling goods can not be delivered.

Object of the sale and the amount of payment must be clearly by both sides, for avoid gharar.

Third, Trade (Sale and Purchase) is not Riba