SS 18 – Possession (Qabd)

The purpose of this standard is to elaborate actual possession in contracts along with its related Shari’ah rules as well as the significant applications undertaken by Islamic financial Institutions (Institution/Institutions).

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.

Scope of the Standard

This standard covers possession in contracts and what acts as a constructive substitute for it (constructive possession). It elaborates the mode of its realisation in immovable and movable property as well as in things that are ascertained and those established as a liability by description. The standard also identifies the person responsible for its costs (maintenance and expenses) in various types of contracts along with their modern applications. The standard does not cover acts other than contracts, like possession in usurpation ( usurpation (Ghasb Ghasb) and the like. Further, it does not cover the nature of ) and the like. Further, it does not cover the nature of possession with respect to liability for compensation or otherwise, nor to possession in set-offs, as these have their specific standards. 2. Definition of Possession Possession is the gathering of a thing or what takes its rule, according to the requirements of customary practice. 3. Mode of Taking Possession