A Jurisprudential Analysis of Contemporary Practices of Khiyar al-Bay' in Islamic Fiqh

Abstract

This study presents a jurisprudential analysis of Khiyar al-Bay’ (the option in sales) within the framework of Islamic fiqh, with a focus on its application in contemporary commercial practices. The research begins by exploring the classical foundations of various forms of khiyar, including Khiyar al-‘Ayb (option due to defect), Khiyar al-Ru’yah (option upon inspection), Khiyar al-Sharṭ (stipulated option), and Khiyar al-Ta‘yīn (option of specification), as established in the primary sources of Islamic jurisprudence. It then examines how these traditional doctrines are reflected in modern-day transactions, especially in digital marketplaces, e-commerce platforms, and virtual business environments. Additionally, the study analyzes comparable mechanisms in modern financial systems—such as options contracts in stock markets—and evaluates their alignment with the principles of Khiyar al-Sharṭ. Through this comparative approach, the research underscores the adaptability of Islamic legal concepts to contemporary economic realities, reaffirming the ongoing relevance and dynamism of fiqh in guiding ethical commercial conduct in the modern world.