Examining the Pledge of Future Property in Islamic Jurisprudence
Keywords:
mortgage, future property, comparative jurisprudence, Khamsah schools, gharar, collateralAbstract
A pledge (rahn) in Islamic jurisprudence refers to the detention of property as security for a debt, the legitimacy of which is recognized by the majority of jurists both during travel and residence. “Future property” (māl mustaqbal) refers to assets that do not exist at the time of the contract but are expected to come into existence in the future, such as agricultural products before harvest, animal offspring, or future factory production. The central issue of this study is that although the legal ruling concerning the pledge of existing property is well established, the validity or invalidity of pledging future property remains a subject of significant juristic disagreement. This disagreement arises from the tension between the principle requiring the pledged asset to exist at the time of the pledge contract and contemporary needs to utilize future assets as collateral. The objective of this study is to explain the views of the jurists of the five major schools of Islamic law (Hanafi, Maliki, Shafi‘i, Hanbali, and Imamiyyah) regarding the pledge of future property and to analyze the arguments of both proponents and opponents in order to reach a comprehensive juristic understanding. The study adopts a descriptive-analytical and comparative approach. Data were collected through library-based research and consultation of the primary juristic sources of each school. The findings indicate that the majority of Imamiyyah, Hanafi, Shafi‘i, and Hanbali jurists consider the pledge of future property invalid and emphasize the requirement that the pledged asset must exist at the time of the contract. In contrast, Maliki jurists, by distinguishing between minor uncertainty (gharar yasīr) and excessive uncertainty (gharar fāḥish), permit such pledges in certain cases, such as the fruits of an existing tree whose future ripening is considered certain. Overall, the study demonstrates that the certainty or probability of the future existence of the asset, as well as the degree of uncertainty involved, plays a decisive role in juristic rulings. The predominant view maintains the invalidity of pledging non-existent property, except in exceptional circumstances where customary commercial practice removes the element of excessive uncertainty.
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