Holding and Its Impact on Contracts

All thanks are due to Allah for guiding me and granting me success to the best and righteousness. May Allah's peace and mercy be upon Prophet Mohammed sent as a messenger of good tidings to believers and Warner to infidels. To him the Holy Qur'an was revealed and the Holy Qur'an was his supporter. Also may Allah's peace upon the Prophet's companions who had never let him down during his da'wa to Islam. This study aimed at investigating the concept or holding, its tide and its impact on contracts It also highlighted Islamic rule in this matter particularly its own development. Financial transactions are the core of religious purposes to reform human life. Their rules and accurate bases and flexibility came to accommodate and dep’t to new conditions in accordance with standardized disciplined fundamentals These rules and bases have become a religions binding. Contract is one of the most important financial transactions. The contract represents their pulsating heat. The contract, aqd in Arabic, is a figh subject which had drawn the Muslim jurisprudents. A lot has been published about it books, theses and papers. after perusal of literature on contracts, I decided to investigate a subordinate part pertinent to contract holding Holding is of great importance in the stability or financial transactions. It is also considered the Fruit, purpose and end of contracts: Its absence, in some contracts, results in the void of contracts. Holding is closely related to contract. It is one of its conditions and one of its results. Holding has also been considered in donation contracts. One figh rule says that donation cannot be made except by holding. The general rule of holding is the convention or tradition unless there is a Qur’anic text referring to that I However, time and places have changed and conventions, accordingly, have also changed. Means of holding have changed. Most of fiqh scholars' sayings about holding may be attributed to conventions of their own times. However, this is not an argument against the traditions of (MU Own fillies. Several ways of holding have been developed. One of these is real estate registration. The ways of holding have differed according to the thing intended to he held. It could be in the bonds of holder or in the hands of the one paving it. In this context, holding can be in the Conn of handing over, vacating and destruction, etc. If the thing, due is in the hands elf one due to him, its presence in his hand is called holding, if it's more powerful than the previous holding or equal to it. Holding falls into two major palls. One is real holding. It means controlling a place and the person becomes a holder. The holding becomes legal because it has necessitated implementation of real holding rules as well as bearing its consequences. One case is the unification of the holder and the receivable. Fiqh scholars don't allow this save cases like the one between a father and the legal guardian who holds for his orphan. Another is the purchase. This means the holder is receiving for himself. It could also be receiving for others. Holding might be legal or permissible by religious scholars, or be one to whom holding is due. And holding might be illegal, according, to a ruling of a religions scholar; that is to say, it is not permissible and the person to whom is due is not entitled. There have to be conditions to make holding, valid and proper. One is qualification or eligibility, trusteeship and permission. I lolling has also to be soiled out. A provision in holding in contracts has an impact and this differs from one contract to another. This could be a condition to make the contract valid. One is cashing, capital and usury funds. It could be also a condition For the transfer of' possession and its stability such as grants, endowment, loans, It might he also a condition making, the contract necessary: grants, endowment, pledges, ... If the contract is completed with all its terms and elements and holding is finalized, this will have an impact legally such as the transfer of pledge, compensation and distribution. Holding in contemporary financial transactions can also be seen in international trading. The bill of lading is a document that functions like goods delivery especially its impact on pledges, distribution and compensation. That is, if the contract is completed directly between the exporter and importer. However, if the transaction is completed through the bank by opening credit, the banking institution becomes the agent or a partner with the client. In this case, the bank's holding is a holding for the client. If the bank gets involved as a key partner, then its holding is a holding for itself not for the client. In this case, there is a need for another contract between the bank and the client. Religious scholars conditioned bank drafts to be valid, to be held in the session of contract completion. Conducting accounting booking and the client inside the bank are like real holding. Receiving checks is also considered a holding for its content. this is made by handing over on transfer by endorsement. Holding shares is also completed by handing over or transfer by endorsement or registration in company records.