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IBRA (CONDITION FOR VALID IBRA (The Grantor : …
IBRA
CONDITION FOR VALID IBRA
- The Grantor :
a) he must mature and possess legal capacity
b) he must have the authority to execute the ibra on his own or assign to agent
c) the consent must be obtained willingly and not by coercion
- The Recipient:
a) The main condition is that he mus be known and identified
- The subject matter of Ibra (mahal al ibra)
a) It must be known specifically (be it debt, right or tangible good).
b) It should not be a tangible asset
c) Ownership must be established and confirm
d) There must be existence of a right or existence of its causality.
CONDITION OF IBRA
- Not permissible even through the present condition is known because ibra contains elements of transferring ownership.
- Permissible to stipulate condition if it is a common practice and not permissible if otherwise.
- Permitted absolutely. this is the stance of the majority of Maliki jurists and narrated from Ahmad on the basis that ibra means a waiver of right
DEFINATION OF IBRA
It is release, eliminate or purify and to remove.
- An act of absolving or dropping one's financial right (to collect payment) from person that have obligation to repay his debt.
LEGALITY OF IBRA
It rules are quite flexible compared to the guarantee since it is generosity and good deed to waive a debt from the debtor
REVOCATION OF RIBA
- The Hanafi and Hanbali advocate that the grantor cannot retract his ibra,
- Whatever right he has had ceased with ibra
- The Maliki and Shafii hold that the creditor can retract .
- They emphasise the dominance of ownership in ibra and the condition of acceptance of the offer
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