Method of Receipt of Movable Commodity and Its Contemporary Applications

Abstract

• Receipt is defined as “The physical handling of an object” or the relinquishment of commodity between the two parties of the contract either in reality or by custom, in a way that makes the commodity feasible.
• The main requirement of receipt in contemporary applications is that it is based on custom which does not clash with the Islamic texts. The requirements of old customs are no longer applicable to our modern times for the customs have changed.
• It is prohibited to sell any commodity before reception, whether it is food, real estate, or movable commodity.
• There are two reasons behind the prohibition of selling the sold commodity before reception; 1) Usury, and 2) Deceit, as a result of not being able to deliver the goods.
• According to scholarly consensus, a receipt of real estate is achieved by vacating it for a buyer.
• Relinquishment is sufficient to ensure the receiving of portable commodity except food, which must be measured, weighted, or moved.
• A trading by letters of credit is permissible with three conditions. 
• Sold goods that is difficult to move, whether it is because of its large quantity or large size, should be annexed to real estate.  
• It is not valid for the buyer to sell a commodity while it is in a road and on aboard of a ship on the basis of receipt of the shipment document (bill of lading), If the sale with the condition of delivery to the port of arrival (Deliver Duty Paid (DDP).
• Regarding public (joint) markets where transactions are conducted, the buyer needs not transfer what he bought, for it is sufficient to relinquish and enable to act.
• Receipt of nominal shares happens as soon as it is included automatically in the investment portfolio of the bank customer. The share is received to its holder as soon as he receives the cheque.
• The card, which has immediate reception, is in reality a receipt. 
• Considering immediate banking entry of exchange transaction as real receipt.
• A receipt of cars occurs by obtaining the original tariff cards with defining them.
• A receipt of a certified check is possession of its content.
• A receipt of held goods in electronic contracting depends on the nature of the commodity themselves.

Allah is the highest and wisest, and He knows best.