An Arabic term (قبض) that means taking possession of an object of sale or exchange, an amount of money, a financial instrument, etc. In the context of a contract of sarf (currency exchange), qabd refers to taking possession, by the two parties, of the amounts of the two underlying currencies. In general, qabd depends on shari’a rules as to a particular type of transaction, urf, or the common business practices prevalent in a specific market.
In specific markets, the possession of a good is recognized as having taken place either through actual or constructive delivery of that good. Basically, qabd can be classified as qabd haqiqi and qabd hukmi.
Comments