Mid Term Question
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In our worldly life we may “own” certain tangible things like house, shop, car, book, pencil and so on. Islamic economists have defined the concept of ownership and different modes of acquiring ownership of tangible things. There are a limited number of modes through which we may obtain ownership in a halal (allowed by Shariah) manner. You are required to discuss the following sources of getting ownership with the help of a suitable example in each case so that the concept of each mode is understood clearly:
1- Through Inheritance
2- By Increase in Value
3- By Purchase
4- By Receiving a Gift
Be brief and precise. Mention only one example from your daily life in each case.
Inheritance is a mode of obtaining ownership where one acquires property or assets from a deceased relative. An example of inheritance in daily life is when a person inherits their parent's house after they pass away.
Ownership can also be obtained through an increase in value. For instance, if someone invests in stocks and the value of their shares rises over time, they would own a greater amount of wealth than their initial investment.
Ownership can be acquired through a purchase, which involves exchanging money or valuable consideration for a particular item. An example of this is when someone buys a car from a dealership using their savings or by taking out a loan.
Ownership can be obtained by receiving a gift from someone. For instance, if a friend presents you with a book on your birthday, you become the owner of that book through the act of gifting.
These examples illustrate different modes of acquiring ownership in a halal manner as recognized by Islamic economics.
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