Niyyat of Insha’
Issue No.1791- At the time of pronouncing the formula of the transaction, both parties involved should intend to establish a transaction. That is, by uttering the above mentioned words, they should seriously intend upon buying and selling. Similarly, in cases where practical trade replace the verbal formula, there should also be the intention of selling and buying. Both natural and legal persons can be owners and can be parties in the contract. Thus a charitable or a non-profit institute, which has a legal personality, does not make any difference from a natural personality in this regard.
