Hadith Text & Context

"The Messenger of Allah said: 'No man is bound by a transaction involving the sale of something that he does not possess.'" (Sunan an-Nasa'i 4612)

This hadith is recorded in The Book of Financial Transactions of Sunan an-Nasa'i and establishes a fundamental principle in Islamic commercial law, prohibiting the sale of an item not in one's possession at the time of the contract.

Scholarly Commentary (Tafsir/Sharh)

This prohibition, known as Bay' al-Ma'dum (sale of a non-existent item) or Bay' ma laysa 'indak (sale of what is not with you), is founded on preventing uncertainty (gharar) and potential dispute. The seller cannot guarantee delivery of an item not under his control, leading to risk and injustice.

Classical scholars, including Imam al-Nawawi, explain that this ruling applies to items not present and not guaranteed to be acquired. The transaction is invalid as it resembles gambling; the buyer pays for a mere possibility.

Exceptions exist for items describable and guaranteed for delivery, like a future crop from one's land (salam sale) or specified manufactured goods. These are valid due to clear parameters that eliminate major uncertainty.

The wisdom behind this ruling is to ensure transparency, honesty, and the elimination of deceit in trade, protecting both parties from financial loss and conflict, thereby preserving the sanctity of contracts in Islam.