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Islamic Finance




Heyazah


Arabic (حيازة) for the holding or acquisition of an object, usually a commodity, asset, currency, etc, for a specified or unspecified period of time. In Islamic jurisprudence, heyazah refers to the act of laying one’s hands on an object, actually or constructively, and retaining it for one’s self, with the intention to possess it. More specifically, heyazah is effected through the intention to possess and the actual or constructive acquisition of the object. The main conditions of heyazah are:

  • Heyazah must be overtly known to others (i.e., explicitly publicized).
  • The object of heyazah must be related or attributed to the possessor.
  • Typically, heyazah must be effective for a long period of time.
  • A possessor (the party taking possession) must have an unfettered ability to dispose of the possessed object, in the same manner an owner disposes of his ownership.
  • Heyazah must be uninterrupted (i.e., continuous).


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