Glossary
Qabd
Taking possession of what you bought, either physically or in a way the law treats as equivalent.
قبضqabḍ
Qabd is receipt or possession, covered by AAOIFI Shariah Standard No. 18. It is decisive in card structures because it is what separates a genuine sale from paperwork: AAOIFI's tawarruq standard requires the commodity to be 'actually or constructively received by the buyer', Bank Negara's SAC lists transfer of ownership and valid qabd among the conditions for a valid bai' al-inah, and AAOIFI Shariah Standard No. 2 Appendix B item 7 treats signing a card payment slip as constructive possession, citing an IIFA decision that an accounting entry counts as constructive possession.
Related terms
TawarruqBuying something on credit and selling it on for cash, so you end up with money now and a bigger bill later without paying interest.Bai' al-InahSelling something to someone on credit and buying it straight back for less cash, so they get money now and owe more later.MurabahahA sale where the seller tells you what the goods cost and what profit is being added, and you pay later.RibawiDescribes the categories of goods, such as gold, silver and money, whose exchange has to follow strict equal-and-immediate rules.
Sources
- AAOIFI Shariah Standard No. (18); Shariah Standard No. (30) clause 4/4; Shariah Standard No. (2) Appendix B item 7; Bank Negara Malaysia, item 72