Is Iqalah a cancellation of sale or a new sale? |
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Kitabul Buyu' [Book of Transactions] -
Iqalah [Rescinding]
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Question 805) - Is Iqalah a cancellation of sale or a new sale?
A: It is a cancellation with regards the original parties and a new transaction with regards the rights of third parties. This is according to Imaam Abu Hanifa RAH.*
* e.g. A man had a right to buy a property first. He allowed it to be sold to someone else. The sale was then rescinded. The man again has a claim on the "new" sale.
~ al-Quduri ~
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