The study of contemporary issues LESSON 7 | Abu Fajr

0:00:06 Topic: Diminishing partnerships (المشاركة المتناقصة) 00:00:21 Gatherings of Dhikr include studying Halal and Haram, knowing how to buy and sell, etc. 00:01:50 Knowing these rulings is either واجب عيني or واجب كفائي 0:02:17 Diminishing partnership is gradual purchase of another partner's share till full ownership is acquired (widely used in real estate) 0:5:00 Introduced as an alternative to Riba based transactions 0:07:21 - 3 main alternatives to conventional mortgages: 1. Murabaha (cost + purchase) 2. Rent to own 3. Diminishing partnerships 0:10:11 Fatwa of International Islamic Academy 0:15:00 Purchasing partner's shares is binding?! Time restrictions applied! 0:17:00 Fatwa of Majma' Al-Fiqhi Ad-Dawli 0:19:00 Fatwa of AAOIFI 0:25:00 Fatwa of American council 0:26:07 Honest admission CONCLUSION: it's best to avoid such contracts. Although the basis of this transaction (Diminishing partnership) is permissible, the additional clauses render it doubtful - if not completely Ḥarām!