قانون ِپاکستان کےتناظرمیں بیع الوفاء کاتجزیاتی مطالعہ

An Analytical Study of “Bai‘al Wafā” in the Context of Pakistani Law

Abstract

With the passage of time the new issues have raised among the people of different regions of the world. The financial problems are at the top. The inventions of the industries and new terms have created complicated financial issues. The solution of these modern and latest financial issues is the prior need of the time. One of them is Bai‘al Wafā which is introduced as an alternative of Ribā. 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 actual, he who needs cash sells his asset in cash, with the condition that whenever he returns the cash to the buyer, the later returns to him his asset. In its compulsion, Islamic scholars have different opinions. It must be in accordance with national laws, so that, it is easy and legally valid for them to be practiced in the society. The main objective of this study is to analyse “Bai‘al Wafā” in the light of Pakistani law and its legal provisions. By this study, we came to know that some of the provisions of Pakistani law apply to its nature and features. The research concludes that Pakistani law encourages adoption of Bai‘al Wafā for national economic development and for ease of traders. In the light of such provisions, this contract is legally valid and enforceable.