-Valuable property includes all permissible things that are possessed and secured
NON VALUABLE- Non Valuable property includes all those things which are prohibited by Shariah MOVABLE- Movable property is a property that can be moved from one place to another
IMMOVABLE- Immovable property is a property that is permanently fixed to the land, is immovable. SIMILAR-Homogenous property that if it happens to perish, we can replace with something similar or equal with it. We can find this property with the same market value. This properties are sold by unit of weight (gram), by metric measure (liter), by measurement (meter) or by numbers (dozens)
DISSIMILAR- Non homogenous property which has no subtitudes in the market. If it has subtitudes, the market value is still different. USABLE-Property that will remain even after it is used
PERISHABLE-Property that cannot survive after it has been consumed or used. Perishable properties are homogenous properties most of the time. CONSEQUENCESNON VALUABLE- It considers the permissibility of subject matter of the property. -The property cannot be owned and secured until they come to the possession of anindividual. -Any transactions that involves gharar element is considered void. IMMOVABLE
1. The right of pre-emption (shuf’ah)-When a person wants to sell his immovable property such as house, the owner or the neighbours have a priority to buy that house provided that they have intention to buy that house and agreed with the price. The objectives are to avoid harm to neighbours and hardships.
2. In the case of bankruptcies-A person leaves with many debts and the court has declared him bankrupt. Therefore the court will sell his movable properties or ask him to sell his movable properties first to settle his debt. If the movable properties cannot cover his debt, then that person need to sell his immovable properties.
3. In the case of guardianship-Guardian cannot sell a minor’s immovable property except to settle the minor’s debt,or for his essentials or for his higher interest but the guardian needs to get permission from the court first. SIMILAR
-Homogenous property is the subject of matter of a contract that is indeterminate and is termed dayn or obligation. -Riba al nasiyyah and riba al fadl may arise if both parties do not observe certain condition. Homogenous property is considered ribawi properties. -If homogenous property is destroyed, it has to be compensateby the owner with the similar property.
DISSIMILAR-Non homogenous property is termed under ain, means something determinate or specific. -It is permissible for the owner to charge the borrower for the use of his property (usufruct) and it is not riba, but it falls under lease (ijarah) -If non homogenous property is destroyed, its price has to be paid USABLE
-It is permissible to rent the property and to compensate it. For example,house. It is because the tenant would get the benefit or usufruct if you rent the house.
PERISHABLE-Some transaction are not applicable to perishable property-Perishable property cannot be rented out because this property can be used once only. -But it is allowed to borrow or lend this property without compensation EXAMPLESVALUABLE- car and house
NON VALUABLE- Birds in the sky and fish in the seaMOVABLE- money and books
IMMOVABLE- land and buildingSIMILAR- gold and silver
DISSIMILAR- animals and treesUSABLE- clothes and books
PERISHABLE-petrol and food