Selling at Market Price in Islamic Jurisprudence: A Fundamental and Comparative Study

Abstract

This study aims to study the “market price sale”, a transaction that has confused many researchers due to the scarcity of materials that have explored this topic in the classical books of Islamic law. This paper studies this type of sale and explains the characteristics that differentiate it from other types of transactions. The paper also mentions the differing verdicts given by classic scholars of Islamic law regarding this form of sale, as there exists some controversy regarding its legitimacy. The paper also delves into the points of agreement and disagreement between the two sides and provides the reader with both sets of arguments. The paper also addresses the question of the point in time that should be utilized in the market price sale and demonstrates the correct position in light of the Quran and the Prophetic texts. Finally, this study wishes to investigate this sale in relation to modern civil law and to demonstrate the economic benefits of legitimizing it. The paper utilizes inductive, deductive, and analytical methodologies to research the aforementioned points. The paper concludes that the position that permits the market price sale removes the obscurity of the price, even though it is not explicitly stated in the sale contract.