OPTIONS (KHAYARAT)
Two parties signing a business deal are free to negotiate terms of their transaction while they are in the bargaining process. Once the negotiation session is over and the transaction completed, they have to abide by their mutually agreed terms. However, in certain cases the parties or any one of them may have the option of renegotiating and, even, cancelling the deal. Such an option of renegotiation or cancellation of the already agreed and executed deal is known as khayarat. The Prophetic tradition wherein a person was asked to announce that there shall be no fraud with him (la khulaba) and that he shall have the option of returning the goods within three days is a proof of such a conditional sale. This is also supported by a number of other traditions.
The Prophet (peace and blessings of Allah be to him) said: The purchaser and the seller have the authority till they depart except when there is an optional/conditional deal and they should not depart in a hurry because of the possibility of return of goods. [Reported by Amr bin Shoaib in Abu Daud (3456), Tirmidhi (1247), Nasai (4483), Ahmad (183/2), Dar Qutni (50/3), Baihaqi (271/4)]
Another tradition reports that the Prophet said: There is no deal between two persons till they depart save in the case of optional deal (bai-ul khayar). [Recorded by Bukhari (2107), Abu Daud (3454), Nasai (4465), Tirmidhi 91245), Ibn Maja (2181)]
These traditions mean that two persons have the right to change the conditions of a deal till they depart. Once the deal is closed and they depart, the terms of the deal will be binding upon both parties. However, if the terms of the deal include the option of renegotiation or cancellation, that would operate.
In some other cases too the option of renegotiation, cancellation and, even, claim of damage will be available to the dissenting/suffering party. Scholars have described those conditions under following headings.
Khayaraib (Option when the product is defective): If there was any defect in the product even when the product was with the seller and the buyer noticed it after purchase, the buyer has the option of returning it within three days. The period of three days within which this option is available is derived from the tradition wherein the Blessed Prophet asked a companion to announce while purchasing that he will have right to renounce the deal within three days. This period may vary from case to case. For example, in the case of green vegetables the return may be required to be done the same day. In other words, we may understand that the right to return goods will be available up to a reasonable period if the product sold is defective. Instead of sticking to the sanctity of ‘three days,’ one may mean it to a genuine period of time justifiable with regard to the nature of product and market practices (urf) at a particular point of time. Some scholars opine that the period of three days is the maximum limit.
An option where purchasing was done without seeing the goods (khayar Rooat): If something has been purchased without seeing the goods, the purchaser may have the option of either accepting or rejecting the commodity after seeing it. Abu Hurairah reported that the Prophet (peace and blessings of Allah be to him) said: If anyone has purchased something without seeing, he has the option (khayar) after seeing that (commodity). [Recorded in Dar Qutni (4/3), Baihaqi (268/5)]
However, the above mentioned tradition is not very strong. This cannot be referred to as the final verdict on the issue. It may be taken as corroborative evidence, if the conditions of the deal or the market practice (urf) are in its support.
Option of choosing desirable product from the lot (khayart aaiyyun): A buyer has the option of selecting a desirable product out of the available lot if the particular product has not been indicated in the deal. For example, out of a lot of cars of different colours of the same quality in a store, a buyer may choose any particular car of a particular colour of his choice.
No exhaustive list of all possible options (khayarat) is intended to be provided. The above discussion shows that the concept of options is intended to safeguard the interest of the dealers of a business transaction.
HOARDING (IHTIKAR)
Islam considers hoarding (ihtikar) to be very abhorring and obnoxious. Hoarding is the practice of keeping something in store and not bringing the same to the market so that prices may rise owing to this artificial dearth of supply in the market.
Muammer bin Abdullah (may Allah be pleased with him) reported that the Prophet (peace and blessings of Allah be to him) said: No one does hoarding (ihtikar) except the sinner. [Recorded by Muslim (1605), Abu Daud (3447), Tirmidhi (1267), Ibn Maja (2154), Ahmad (400/6), Darmi (248/2)]
This tradition means that hoarding is such a known hateful practice that it is adopted only by a confirmed sinner. Human nature abhors it and it can be flouted only by a criminal.
Abdullah ibn Umar (may Allah be pleased with both of them) reported that the Prophet (peace and blessings of Allah be to him) said: A person who does hoarding (continuously) for forty nights abandons Allah and will be (in return) abandoned by Allah. [Recorded by Ahmad (33/2), Hakim (11/2)]
Umar (may Allah be pleased with him) reported that the Prophet (peace and blessings of Allah be to him) said: Allah will inflict with leprosy and poverty a person who does hoarding of food items from the masses. [Recorded in Sabalus Salam]
The first mentioned tradition announces that a hoarder is a confirmed sinner/criminal. The second tradition talks that Allah will forsake a hoarder and the last mentioned tradition informs that a hoarder, the criminal, will not prosper and Allah will punish him severely in this world too, in addition to the punishment hereafter.
The last mentioned tradition qualifies the word ihtikar to hoarding of food items. Muammer bin Abdullah (may Allah be pleased with him), the companion who reported the first mentioned tradition, opined that ihtikar refers only to hoarding of food items. However, Islamic scholars in general do not agree with this qualification of the word and opine that it refers to all items that are cause of severe concern and pain to the people in general. Suffering of masses is not tolerable and hoarding of any item that causes and adds this grief and misery is not tolerable.