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Islamic Finance


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Heyaza


Arabic (حيازة) for the holding or acquisition of an object, usually a commodity, asset, currency, etc, for a specified or unspecified period of time. In Islamic jurisprudence, heyaza refers to the act of laying one’s hands on an object, actually or constructively, and retaining it for one’s self, with the intention to possess it. More specifically, heyaza is effected through the intention to possess and the actual or constructive acquisition of the object. The main conditions of heyaza are:

  • Heyaza must be overtly known to others (i.e., explicitly publicized).
  • The object of heyaza must be related or attributed to the possessor.
  • Typically, heyaza must be effective for a long period of time.
  • A possessor must have an unfettered ability to dispose of the possessed object, in the same manner an owner disposes of his ownership.
  • Heyaza must be uninterrupted (i.e., continuous).

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