Friday, July 29, 2011

Understanding the Auction

Auction is the process of buying and selling goods or services by offering to the bidder, offering a higher bid price, and then sell thegoods to the highest bidder. There are several variations of the basic auction form, including time limits, minimum or maximum limit of offering price, and special rules for determining the winningbidder and the price. Bidders may or may not know the identity or actions of other participants. Depending on the auction, biddersmay be possible is present in person or through their representatives, including telephone and internet. The seller usuallypays a commission to the auctioneer or auction company based on the percentage of final sales price.

There are some places that are commonly used as a place ofauction:
- Auction Hall
- Pawnshop
- Place the fish auction
- Internet 
auction


Additionally Auction is any sale of goods in public by way of biddingthe price orally or in writing through the effort of collectingenthusiasts or prospective purchasers.


Auction According to Islam


Auctions are one type of sale where the buyer offers the goods in the crowd and each other buyers to bid higher prices to the highestprice limit of one buyer, then place the contract and the buyer took the goods from the Seller (Abdullah al-Mushlih & Salah al-Shawi,Fiqh Islamic Financial Economics.
Auction exist in Islam and is permissible (permissible). Ibn 'Abd al-Barr said, "Surely it is not unlawful to sell goods to people who add to the price, so by convention the clergy."
But that opinion is weak because there is in this hadith narratorsisnad named Ibn Lahi'ah was he is a weak narrator (dha `if) (ImamAsh-San'ani, Subulus Salam.

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