Please enable JavaScript.
Coggle requires JavaScript to display documents.
AR-RAHN, DEFINITION, Literally, Technically, Quran, Hadith, Ijma, THE USE…
AR-RAHN
-
:round_pushpin:A person can borrow something which he can pledge with whom he should specify to the lender
:round_pushpin: If the mortgagor and mortgagee agree to place the pledge with 3rd person, they cannot change this agreement as long as the 3rd person remain honest
:round_pushpin:If the mortgagor pay back the debt, the mortgage does not terminate; it will stay until the whole sum is paid back
:round_pushpin: The mortgagor cannot dispose the object by selling, granting, or endowing it
-
EVIDENCE
:check:The idea of pawning as 'mortgage with possession' (rihanun maqbudha). Quran also supports the idea of furnishing a pledge against a debt
:check:According to Quranic verses, every soul is in pledge or rahina for its deeds. {Quran, 74:38}
:check:The issue of mortgage is not only an issue for “modern society”. In Islam, the history of mortgage has been being since the time of Prophet Muhammad
:check:From Aishah that Allah's Apostle bought some foodstuff from a Jew and mortgaged his armor to him.”
:check:From Anas that Allah's Apostle mortgaged his armor to a Jew in Madinah and bought barley bread from the Jew for his family.”
:check: and in the saying of the Prophet, “the soul of a believer is marhuna or pledged for the debt until it is paid off”
-
-
To make an object with economic values in Islamic law perspective as a trust for the payment of debts, so that enabling mortgagee (murtahin) to get all or a part of the debts from the object
BENEFITS
:+1::skin-tone-2:Compared to the contract of kafalah, documentation of debt or providing witnesses, all these measures can never match security that Rahn provide for benefit of creditor
:+1::skin-tone-2:Rahn is form of authentication of debt, which is under the custody of the creditor in return for his right claiming back his money from the debtor
:+1::skin-tone-2:In case of default payment, the creditor could secure the loan repayment can retrieve back his money by selling off the pledged property with the consent from either the court or the debtor himself
:+1::skin-tone-2:The creditor can also be assured that the debtor will not forget or take for granted to settle the loan since his valuable assets are still under the custody of the creditor/pledge.
:+1::skin-tone-5:Could get some fast cash by temporarily pledging his valuable items to the creditor
:+1::skin-tone-5:Can convince the pledge/creditor to lend him the money since he has something to offer in return as a guarantee of payment.
-
:red_circle:The pledge is a trust in the hands of the pledgee. He is responsible for its safety and preservation. However, he is liable if the pledged property is damaged or destroyed as a result of his negligence
:red_circle: Pledge is intended to be a security for the payment of debt. It is not meant for investment and profitable use. As such a pledgee is not allowed to exploit or use the pledged property even with the permission of the pledger
:red_circle: Exploitation of the pledged property is prohibited based on the principle that “all loans that generate profit are usurious"
:red_circle:Thus, exploitation and profitable use of the pledge is considered usury
:red_circle:However, if the pledge is an animal that can be used for riding or milk, the pledgee may make use of it in return for its maintenance.
DEFINITION
:pencil2:Rahn literally means to detain a thing. It is the detention of a corporeal property on account of a claim such as a debt which may be satisfied out of that property
:pencil2:Pledge is a security for the payment of a debt that will enable the lender to reclaim the debt or to satisfy it out of the pledged property
:pencil2: Al-rahn in Arabic means al-tsubut wa al-dawam (fixed and eternal)
:pencil2: Rahn is classified as a contract under category contract of security or contract pertaining to authentication
:pencil2:Purpose - To convince the creditor that the debt will not simply disappear or vanish in case of default payment on part of the debtor
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Name: Mai Khairun Amirah bt Mohd Kamaruzzaman
Matric No: 2017756097
Group: RCS2486E
Assignment 2 Mind Mapping