Search
Generic filters
Filter by Categories
Accounting
Banking

Islamic Finance




Khiyar al-Royah


khiyar (option) whereby the buyer has the right either to consummate the contract of sale (aqd al-bai) or revoke it upon seeing the subject matter which he has never seen. Seeing the object of sale is a precondition for the option to get activated. That means this type of khiyar will not come into effect unless the buyer lays his eyes on the object of sale. Principally, it is valid for sales of physical assets (a’yan), but not for debt-like items such as the subject matter of salam (al-muslam fihi). In general, this khiyar cannot attached to contracts that cannot be revoked by giving back the payment in question such as bridal-money, reconciliatory blood money, etc. Return the subject-matter on exercising khiyar al-royah renders the contract revoked whether payment has been made or not. In this case, revocation will have nothing to do with the seller’s consent (i.e., the contract is automatically annulled once the buyer decides not to proceed with it on seeing the subject-matter).

Khiyar al-royah is Arabic (خيار الرؤية) for option of inspectionsighting option or option to lay/ set eyes on (and inspect) an object of sale.



ABC
The last three decades have witnessed the modern rebirth of Islamic finance both in terms of literature and practice. Islamic banks and ...
Watch on Youtube
Remember to read our privacy policy before submission of your comments or any suggestions. Please keep comments relevant, respectful, and as much concise as possible. By commenting you are required to follow our community guidelines.

Comments


    Leave Your Comment

    Your email address will not be published.*