Reinvestigation into Hypothecation and its Scope from the Perspective of Islamic Jurisprudence (Fiqh)

Other than its sense of ownership, domination sometimes refers to hypothecation and priority right. This is applicable to cases where there is no legal or customary value, or the owner is unknown. The validity of transactions depends on ownership of objects and specified values. In some cases, an object is not considered a property or owned by anyone, but the transaction will be valid and the price will be paid. The price basically serves the hypothecation, rather than the object left without any owner or value. In addition, the notion that some objects are value-less just because there are no benefits seems quite controversial. Many of those objects have, owing to human knowledge and modern technologies, can be converted into beneficial materials and even vital for everyday life, natural environment and other creatures. In the fiqh literature, there are no explicit scripture to prove hypothecation in foul objects. This right, and even the subsequent ownership, can rather be proven based on analytical commentary of how foul objects are purchased as well as the methodology of scholars and other evidence. In the rest of cases concerning hypothecation, however, there are authentic, explicit evidence available. Similar to other items subject to ownership and value, this right is supported by legal concepts such as validity of purchase, inheritance permit and validity of will.