Data compiled in the last couple of years suggests that the start-up economy is worth over $3 trillion USD. This roughly equates to the GDP of the G7[1]. Start-ups embrace growth and innovation. Start-ups typically test assumptions that haven’t been tested before, through new technologies, products, and services. Funding is the life of a start-up, and start-ups raise funding through several avenues, such as angel investments, crowdfunding, venture capital firms, seed rounds and other lending arrangements. The vehicles used for seed funding rounds include convertible notes, preferred share issues, option contracts, sweat equity, SAFE (Simple Agreement for Future Equity) agreements, ASA (Advanced Subscription Agreements) and KISS (Keep It Simple Securities) agreements. This article looks at the convertible notes and analyses the Shariah concerns of such vehicles.
What is a Convertible Note?
A convertible note is a short-term debt that eventually converts into equity. Convertible notes operate as interest-bearing loans. The investor will either receive a balloon payment on the note at a specified date (maturity date), usually one year from date of the loan, or be allowed to convert the note into preferred shares during a future equity funding event. Typically, instead of receiving the principal sum back with the accrued interest, the investor gets shares of preferred stock as part of the start-up’s initial preferred stock financing[2].
To compensate for the risk taken, start-ups offer a valuation discount to investors. Let’s illustrate this by way of an example. Suppose an investor injects a $100,000 convertible note in a start-up with a 10% discount rate. Subsequently, the company gets a $1 million valuation, with 1 million shares having a per-share value of $1. In the absence of a discount, the $100,000 convertible note would convert to 100,000 shares. However, with the 10% discount rate, the note is converted into 111,111 shares because the share price is reduced to $0.9 at conversion.
Another example of a convertible note with a discount and valuation cap is as follows: Let us assume that the company – Best Inc received $40,000 from an investor – Tony in exchange for a convertible note that has a 20% discount and $3M valuation cap to the Series A round. Now, let us fast forward and move to the time the company undergoes its Series A round. At this time, let us assume that the company is valued at $6M at the price of $6 per share. In this case, the 20% discount on the share price will mean that Tony will have his investment converted at the rate of $4.8 per share. However, the valuation cap will result in $3 per share (3M/6M * 10) will be the actual price of the conversion for the investor[3].
When a conversion note gets issued, it automatically converts into shares of preferred stock when a start-up raises a round of series funding. The terms of the note dictate the share prices. If there’s no conversion, they also state the balance due along with the interest and the due date. A funding round is referred to as a qualifying capital raise, in which the conversion is triggered.
Why Convertible Notes?
Start-up companies are not usually worth much. When they’re incorporated, the founders can buy shares at the minimum value specified in the company’s articles of incorporation. Capitalising the company with ordinary shares of a significant sum to finance operations is very difficult and unlikely, due to the lack of value at this point in the life of the business. Further, the founders typically want to stay in control, and do not want to issue more shares, thereby significantly diluting ownership, to investors who do not understand the idea and vision of the founders. If preferred shares are issued at this stage, it can raise issues from a tax perspective. As such, convertible notes were developed to bypass the above, and give the following advantages over traditional methods of raising finance:
- Convertible notes grant speed and rapid turnarounds in raising financing compared to traditional equity financing. The note is generally a single document with simpler terms to negotiate, and without lots of conditions, warranties and without an abundance of legalese and legal jargon. Small equity investments often involve a subscription agreement, shareholders’ agreement, and a new constitution.
- Convertible notes allow start-ups to get seed funding without going through the valuation process until later. Valuations are long and challenging processes for start-ups. Typically, start-ups do not have current cash flows or fully-fledged products and services. Valuations are therefore based on other factors, such as the sector of the start-up, the management team, functioning product, vision, traction, competitors, track record of staff, estimated future cash flows and so on.
- Convertible notes are a debt, allowing companies to get the funding they need without selling shares for a marked increase in a short amount of time.
- The convertible notes are designed to be executed by individual investors, so it is possible to receive funds without closing with all investors simultaneously – a rolling close.
- Convertible notes have a relatively lower cost to execute.
- Convertible notes have fewer warranties. Subscription agreements often include multiple warranties which are inappropriate for an early-stage start-up. A convertible note generally includes only a handful of very focused warranties, and therefore less litigation risk.
- Convertible notes concede much less control. Note holders typically receive little (if any) control over the company, e.g. no veto or director appointment rights. This works well with the need for start-ups to pivot and to raise the next round of funding without investor interference.
- Convertible notes have less administrative burden.The fewer shareholders that exist, the fewer people the start-up needs to deal with when obtaining shareholder approvals and agreements for the next round, and in the operation of the company[4]
Key Features of a Convertible Note
- Conversion – the note is ‘convertible’, meaning that there are several trigger events upon which the note is converted into equity of the company.
- Interest – the accrual of interest is a common feature of convertible notes. If interest is not paid to the note holder, the interest accrues on the note and is part of the equity conversion payment.
- Preferred shares – convertible notes often convert into preferred shares of the company. These shares grant note holders a preference in dividend payment and upon liquidation.
- Maturity date – convertible notes have maturity dates by which the note must either be converted or repaid, and that is the last time interest accrues on the note.
- No valuation – The convertible note does not attribute a valuation to the company at the time of signing the convertible note. The future conversion of the note into preferred shares will be based on the valuation in a future financing event.
- Valuation cap – The valuation cap limits the amount that the convertible note holder must pay for the preferred shares. A valuation cap is used in a convertible note to give the noteholders a “ceiling” value at which their investment will convert, and, in turn, that gives them a “floor” in regard to their ownership. With a valuation cap, they know that their money will convert from loan to equity at or below a certain dollar per share price established by the valuation cap.
- Discount – the notes generally allow for a discount on the preferred share purchase price paid by the future investors.
Shariah Non-compliant Issues in Convertible Notes
- Mechanism of conversion
The first issue is the conversion mechanism. An automatic conversion without another sale and purchase agreement would be non-compliant from a Shariah perspective. There must be a mechanism to capture an offer and acceptance. This does not have to be a long agreement, it can be a simple offer and acceptance with clarity on what is being bought, payment and delivery information.
- Interest accrual
The accrual of interest throughout the term of a convertible note is not Shariah compliant.
- Preferred shares
Converting the convertible note loan into preferred shares is not Shariah compliant. Preferred shares are not Shariah compliant.
- Discount
Current convertible notes offer discount for the purchase of shares within the convertible note agreement. Shariah scholars consider this to be a form of Riba as it is a benefit accrued directly as a result of the loan captured within the convertible note.
Potential Shariah Compliant Alternative Structures for Convertible Note
NOTE: The following are just concepts and would require a Shariah advisor to further develop and advise on the acceptability and application of these concepts. DO NOT adopt a structure without consulting a Shariah advisor.
- Loan Note and Undertaking of Sale (LU Model)
This structure would be constructed of two independent agreements:
- Loan Note – this would be a loan note without any automated conversion, without interest, without any offer of discount.
- Unilateral Undertaking – this would be an undertaking by the company to sell ordinary shares with discount to the note holder.
Some Shariah scholars have a concern that the discount in this structure can be considered a form of Riba, as the discount in the undertaking seems to be in return of the loan. A potential answer to that would be that the undertaking is independent; it is not a term within the loan note and neither in lieu of the loan note. The proof of that is that the undertaking is signed unilaterally by the company, and that it is not automatically effective. In fact, another transaction will be required to effect the conversion. As such, the loan note does not necessitate conversion nor a discount. In addition, undertakings are accepted across the Islamic finance industry in most products. Undertakings have been used to avoid creating the combination of contracts and scenarios where there is potential of a Mu’awadha (bilateral agreement) being formed. If the undertaking, as a deed and document, is not considered to be in lieu of the loan, then it follows that what is within the undertaking deed is not in lieu of the loan.
- Contribution and Undertaking (CU Model)
This structure would be constructed of two independent agreements:
- Contribution Note –this would be a capital contribution to the company.
- Unilateral undertaking – this would be an undertaking by the company to transfer ordinary shares with discount to the note holder.
This structure is there to offer an alternative to a loan note for those scholars who consider a loan note and undertaking in proximity to Riba. A Contribution Note would be simply a note of a grant to the company. This would mean that the contributors would not have any liability or equity in the company. They would have no claim against the company and no investment. The second agreement, the undertaking, would capture the benefit as an independent and unliteral award, which would be an undertaking to grant shares in the future to anyone who contributed to the company in the initial days. This would not be a bilateral contract as the undertaking is an independent promise by the company and not embedded within the Contribution Note.
- Contribution with a Stipulated Specified Return (CSSR Model)
This product is structured with one Contribution Note which also incorporates the specification of the counter contribution in return. Again, this is novel and simply an idea. At present, this is a very raw idea, and something not approved by any Shariah board nor used anywhere. However, the concept is based on the Shariah structure of Hiba bi-shart al-Iwad. In this structure, the investor would contribute a particular amount, with the stipulation that the company will award and grant the investor specified shares as a gift in return. What makes this different to a sale and a normal contract? Well, the jurists debate whether this is actually a sale in a substance. The Maliki, Shafi’i and Hanbali jurists are of the view that for all intents and purposes, this is a sale. However, the Hanafi jurists disagree, and consider this as a composite transaction if the wording of the contract is specifically structured as such (the jurists distinguish in the using of Bā in Arabic and ‘Alā), where they say that this is a gift initially, and then ultimately a sale if and when the counterparty gives something. What does that mean? Well, they state that initially, this will have all the rulings of gifting. Only when the counterparty gives a return, then from that moment, the principles of sales apply[5].
So, in a convertible note structured on this idea, the initial capital would be merely a gift and a ‘donation’, and the investor would have no claim or liability owed to them. So whilst nothing is given to the investor, the capital is purely in the ruling of a gift. Once the company grants shares to the investor, all the rulings of a sale will apply from this point onwards, and it will be deemed a sale at this point.
- Contribution with a Stipulated Unspecified Return (CSUR Model)
This structure is an offshoot of the above structure. This structure is proposed as an alternative to counter any Shariah risks or Shariah non-compliance concerns raised in product idea three above.
This structure would be composed of only a Contribution Note. The key differentiator from product idea three is that the grant by the company to the investor (“donor” to be accurate) will be unknown and not identified in the Contribution Note. What difference does this make? Well, the jurists state that when the return is unknown, it cannot ultimately be considered as a sale. Therefore, a Contribution Note under the CSUR Model would merely be an exchange of two gifts; the initial capital gift from the investor, and the subsequent gift by the company of shares to the investor[6]. Of course, this may be a cause of concern for investors if they are making sizeable capital contributions without knowing what they may receive in return. This can be offset with ‘an invitation to treat’ with some indicative, non-committal proposals from the company.
[1] https://startupgenome.com/article/state-of-the-global-startup-economy
[2] https://www.seedinvest.com/blog/angel-investing/how-convertible-notes-work
[3] https://eqvista.com/convertible-note/convertible-notes/
[4] https://kindrik.co.nz/guides/convertible-notes-vs-equity-a-beginners-guide/
[5] وإذا وهب دارًا من إنسان يشترط أن يعوضه منها كذا وكذا، فلا شفعة فيها للشفيع ما لم يتقابضا، وبعدما تقابضا ففيها الشفعة، وهذا لما عرف في كتاب الهبة أن الهبة بشرط العوض هبة ابتداء وتصير بيعًا بعد اتصال القبض بالبدلين، فقبل اتصال القبض بالبدلين هي هبة، ولا شفعة في الهبة، وبعد اتصال القبض بالبدلين هو بيع وفي البيع الشفعة. (المحيط البرهاني)
(الفَصْلُ العِشْرُونَ فِي الشُّفْعَةِ) قالَ الشَّيْخُ الإمامُ شَمْسُ الأئِمَّةِ الحَلْوانِيُّ – ﵀ تَعالى -: جَمَعَ الخَصّافُ – ﵀ تَعالى – مَسائِلَ بَعْضَها لِمَنعِ وُجُوبِ الشُّفْعَةِ وبَعْضَها لِتَقْلِيلِ الرَّغْبَةِ، فَمِن جُمْلَةِ ذَلِكَ أنْ يَهَبَ البائِعُ الدّارَ مِن المُشْتَرِي ويُشْهِدَ عَلَيْهِ، ثُمَّ المُشْتَرِي يَهَبُ الثَّمَنَ مِن البائِعِ ويُشْهِدُ عَلَيْهِ وذُكِرَ فِي حِيَلِ الأصْلِ ثُمَّ المُشْتَرِي يُعَوِّضُهُ مِقْدارَ الثَّمَنِ فَإذا فَعَلا ذَلِكَ لا تَجِبُ الشُّفْعَةُ؛ لِأنَّ حَقَّ الشُّفْعَةِ يَخْتَصُّ بِالمُعاوَضاتِ، والهِبَةُ إذا لَمْ تَكُنْ بِشَرْطِ العِوَضِ لا تَصِيرُ مُعاوَضَةً بِالتَّعْوِيضِ بَعْدَ ذَلِكَ ولِهَذا لا يَثْبُتُ فِيها أحْكامُ المُبادَلَةِ مِن رَدِّ المَوْهُوبِ لَهُ بِالعَيْبِ وغَيْرِ ذَلِكَ.
وإذا لَمْ تَصِرْ مُبادَلَةً بَقِيَتْ هِبَةً مَحْضَةً فَلا تَثْبُتُ فِيها الشُّفْعَةُ غَيْرَ أنَّ هَذِهِ حِيلَةٌ يَمْلِكُها بَعْضُ النّاسِ دُونَ البَعْضِ؛ لِأنَّها تَبَرُّعٌ ومِن النّاسِ مَن لا يَمْلِكُ التَّبَرُّعَ كالأبِ والوَصِيِّ وغَيْرِهِما مِن الوُكَلاءِ، وأمّا إذا كانَتْ هِبَةُ الدّارِ مِن المُشْتَرِي بِشَرْطِ العِوَضِ فَفِيهِ اخْتِلافُ الرِّوايَتَيْنِ، ذُكِرَ فِي شُفْعَةِ الأصْلِ وفِي مَواضِعَ مِن المَبْسُوطِ أنَّها بِمَعْنى البَيْعِ. ويَثْبُتُ لِلشَّفِيعِ فِيها حَقُّ الشُّفْعَةِ وذُكِرَ فِي بَعْضِ رِواياتِ النَّوادِرِ أنَّها لَيْسَتْ فِي مَعْنى البَيْعِ وذُكِرَ فِي بَعْضِ المَواضِعِ أنَّ فِي الهِبَةِ بِشَرْطِ العِوَضِ اخْتِلافًا بَيْنَ أبِي يُوسُفَ ومُحَمَّدٍ رَحِمَهُما اللَّهُ تَعالى فَإذا كانَ فِي المَسْألَةِ رِوايَتانِ أوْ خِلافٌ لا يَصْلُحُ حِيلَةً لِإبْطالِ الشُّفْعَةِ، ولَكِنْ يَتَأتّى فِي هَذِهِ الهِبَةِ حِيلَةُ تَأْخِيرِ حَقِّ الشَّفِيعِ بِأنْ يَقْبِضَ المُشْتَرِي الدّارَ إلّا جُزْءًا مِنها أوْ يُسَلِّمَ الثَّمَنَ إلّا جُزْءًا مِنهُ، فَلا يَكُونُ لِلشَّفِيعِ حَقُّ الأخْذِ؛ لِأنَّ الهِبَةَ بِشَرْطِ العِوَضِ إنّما تَصِيرُ بَيْعًا بَعْدَ قَبْضِ كُلِّ المَعْقُودِ عَلَيْهِ، أمّا قَبْلَ قَبْضِ كُلِّ المَعْقُودِ عَلَيْهِ لا تَصِيرُ بَيْعًا، حَتّى رُوِيَ عَنْ مُحَمَّدٍ – ﵀ تَعالى – أنَّهُ قالَ فِي الهِبَةِ بِشَرْطِ العِوَضِ: يَثْبُتُ لِلْواهِبِ حَقُّ الرُّجُوعِ مِن غَيْرِ قَضاءٍ أوْ رِضًا ما لَمْ يَقْبِضْ المَوْهُوبُ لَهُ كُلَّ المَعْقُودِ عَلَيْهِ.
(ومِن جُمْلَةِ الحِيَلِ) أنْ يَتَصَدَّقَ صاحِبُ الدّارِ بِالدّارِ عَلى الَّذِي يُرِيدُ الشِّراءَ ثُمَّ يَتَصَدَّقَ المُشْتَرِي عَلَيْهِ بِمِثْلِ الثَّمَنِ، كَما فِي الهِبَةِ. والصَّدَقَةُ إنّما تُفارِقُ الهِبَةَ فِي حَقِّ الرُّجُوعِ فِيها، (الفتاوى الهندية ج 6 ص 421)
٣ – بَعْدَ التَّقابُضِ: يَعْنِي أنَّ ثُبُوتَ الشُّفْعَةِ فِي الهِبَةِ بِشَرْطِ العِوَضِ مَشْرُوطٌ بِقَبْضِ المَوْهُوبِ وقَبْضِ العِوَضِ أيْضًا. بِناءً عَلَيْهِ لَوْ وهَبَ أحَدٌ آخَرَ عَقارًا بِشَرْطِ أنْ يَهَبَ لَهُ ألْفَ قِرْشٍ فَإنَّما تَثْبُتُ الشُّفْعَةُ عِنْدَ قَبْضِ الواهِبِ ألْفَ قِرْشٍ، والمَوْهُوبِ لَهُ العَقارَ. اُنْظُرْ المادَّةَ، (٥ ٨٥) وشَرْحَها. ولا تَثْبُتُ الشُّفْعَةُ بِقَبْضِ أحَدِ العِوَضَيْنِ حَتّى إنّهُ يَلْزَمُ طَلَبُ الشُّفْعَةِ فِي الهِبَةِ بِشَرْطِ العِوَضِ وقْتَ التَّقابُضِ. وعَلَيْهِ فَلَوْ سَلَّمَ الشَّفِيعُ الشُّفْعَةَ بَعْدَ قَبْضِ أحَدِ العِوَضَيْنِ كانَ هَذا التَّسْلِيمُ باطِلًا فَإذا قَبَضَ العِوَضَ الآخَرَ فَلِلشَّفِيعِ أنْ يَطْلُبَ الشُّفْعَةَ، ولا بُدَّ وأنْ لا يَكُونَ المَوْهُوبُ وعِوَضُهُ شائِعًا؛ لِأنَّهُ هِبَةُ ابْتِداءٍ، (أبُو السُّعُودِ. والدُّرُّ المُنْتَقى)
فَعَلَيْهِ لَوْ وهَبَ أحَدٌ دارِهِ المَمْلُوكَةَ أوْ عَقارًا آخَرَ لِآخَرَ بِشَرْطِ العِوَضِ وسَلَّمَهُ إيّاها وقَبَضَ العِوَضَ أيْضًا وتَسَلَّمَهُ كانَ شَرِيكُهُ فِي تِلْكَ الدّارِ أوْ ذَلِكَ العَقارِ أوْ خَلِيطُهُ أوْ جارُهُ المُلاصِقُ شَفِيعًا، ولِلشَّفِيعِ كَما ذُكِرَ آنِفًا أخْذُ المَوْهُوبِ بِالشُّفْعَةِ بَعْدَ إعْطاءِ المَوْهُوبِ لَهُ مِثْلَ العِوَضِ أوْ قِيمَتَهُ وقْتَ القَبْضِ. (درر الحكام شرح مجلة الاحكام)
(وهِيَ بِشَرْطِ العِوَضِ هِبَةٌ ابْتِداءً) هَذا إذا ذَكَرَهُ بِكَلِمَةِ عَلى بِأنْ يَقُولَ وهَبْتُ هَذا العَبْدَ لَكَ عَلى أنْ تُعَوِّضَنِي هَذا الثَّوْبَ، وأمّا إذا ذَكَرَهُ بِحَرْفِ الباءِ بِأنْ يَقُولَ وهَبْتُ لَكَ هَذا الثَّوْبَ بِعَبْدِكَ هَذا أوْ بِألْفِ دِرْهَمٍ وقَبِلَهُ الآخَرُ يَكُونُ بَيْعًا ابْتِداءً وانْتِهاءً بِالإجْماعِ كَذا فِي شُرُوحِ الهِدايَةِ وغَيْرِها (فَشَرَطَ قَبْضَهُما) أيْ العاقِدَيْنِ (لِلْعِوَضَيْنِ) لِكَوْنِ كُلٍّ مِنهُما هِبَةً (درر الحكام)
م: (نظيره الهبة بشرط العوض). ش: جعلناها هبة ابتداء حتى لا يفيد الملك قبل القبض، ولا يجري تسليمه، ويفيد بالشيوع فيما يحتمل القسمة ولا يستحق فيها الشفقة ويردها بالعيب، ويترتب عليها أحكام البيع بعد القبض حتى لا يتمكن البائع من الرجوع. (البناية)
ذا إذا قالَ: وهَبْتُكَ عَلى أنْ تُعَوِّضَنِي كَذا، أمّا لَوْ قالَ: وهَبْتُكَ بِكَذا، فَهُوَ بَيْعُ ابْتِداءٍ وانْتِهاءٍ وقَيَّدَ العِوَضَ بِكَوْنِهِ مُعَيَّنًا؛ لِأنَّهُ لَوْ كانَ مَجْهُولًا بَطَلَ اشْتِراطُهُ فَيَكُونُ هِبَةً ابْتِداءً وانْتِهاءً. (الدر المختار)
[6] أرادَ بِالعِوَضِ العِوَضَ المُعَيَّنَ إذْ فِي اشْتِراطِ العِوَضِ المَجْهُولِ تَكُونُ هِبَةً ابْتِداءً وانْتِهاءً لِبُطْلانِ اشْتِراطِهِ كَما سَيَأْتِي واَللَّهُ أعْلَمُ (البحر الرائق شرح كنز الدقائق ومنحة الخالق وتكملة الطوري ٧/٢٩٥ —ابن نجيم ت ٩٧٠)
أمّا إذا كانَ العِوَضُ غَيْرَ مَعْلُومٍ أيْ مَجْهُولًا فَيَكُونُ هِبَةً ابْتِداءً وانْتِهاءً (أبُو السُّعُودِ، رَدُّ المُحْتارِ) لِأنَّ شَرْطَ العِوَضِ المَجْهُولِ باطِلٌ ولا تَفْسُدُ الهِبَةُ بِالشَّرْطِ الفاسِدِ (الدُّرَرُ، عَبْدُ الحَلِيمِ، الفَتْحُ(
وقَدْ قالَ مُحَشِّي الدُّرَرُ عَزْمِي زادَهْ إنّ بَيانَ الدُّرَرِ هَذا وإنْ كانَ مُوافِقًا لِما فِي الخانِيَّةِ إلّا أنَّهُ مُخالِفٌ لِقَوْلِ الحَلْوانِيِّ تَجُوزُ الهِبَةُ بِشَرْطِ العِوَضِ غَيْرِ المُعَيَّنِ؛ لِأنَّ الهِبَةَ تَقْتَضِي العِوَضَ المَجْهُولَ والقَوْلُ فِي العِوَضِ لِلْمُعَوَّضِ أيْ المَوْهُوبِ لَهُ انْتَهى.
والعِوَضُ مَجْهُولٌ فِي المِثالِ الآتِي أيْضًا؛ لِأنَّهُ كَما لا يُعْلَمُ وقْتُ مَوْتِهِ فَلا يُعْلَمُ أيْضًا صُورَةُ إطْعامِهِ وما سَيُطْعَمُ ويُكْسى )درر الحكام في شرح مجلة الأحكام ٢/٤٣٠ — علي حيدر )ت ١٣٥٣(
(كَذا) تَصِحُّ الهِبَةُ وبَطَلَ الشَّرْطُ (لَوْ وهَبَ دارًا عَلى أنْ يَرُدَّ) أيْ المَوْهُوبُ لَهُ (عَلَيْهِ) أيْ عَلى الواهِبِ (بَعْضَها) أيْ الدّارِ (أوْ) عَلى أنْ (يُعَوِّضَهُ شَيْئًا مِنها) أيْ مِن الدّارِ، واعْتَرَضَ الزَّيْلَعِيُّ تَبَعًا لِصاحِبِ النِّهايَةِ عَلى قَوْلِهِمْ أوْ يُعَوِّضَهُ شَيْئًا مِنها بِأنَّ المُرادَ بِهِ أمّا الهِبَةُ بِشَرْطِ العِوَضِ فَهِيَ والشَّرْطُ جائِزانِ فَلا يَسْتَقِيمُ قَوْلُهُ: وبَطَلَ الشَّرْطُ، وإنْ أرادَ أنْ يُعَوِّضَهُ عَنْها شَيْئًا مِن العَيْنِ المَوْهُوبَةِ فَهُوَ تَكْرارٌ مَحْضٌ؛ لِأنَّهُ ذَكَرَهُ بِقَوْلِهِ عَلى أنْ يَرُدَّ شَيْئًا مِنها انْتَهى، وأجابَ صاحِبُ الدُّرَرِ بِأنْ نَخْتارَ الشِّقَّ الأوَّلَ، وقَوْلُهُ: فَهِيَ والشَّرْطُ جائِزانِ مَمْنُوعٌ، وإنَّما يَجُوزُ إذا كانَ العِوَضُ مَعْلُومًا كَما عَرَفْت
وقَدْ تَقَدَّمَ أنَّ العِوَضَ لا يَصِحُّ أنْ يَكُونَ بَعْضَ المَوْهُوبِ فَلِهَذا بَطَلَ قَوْلُهُ عَلى أنْ يَرُدَّ عَلَيْهِ شَيْئًا مِنها سَواءٌ كانَ الشَّرْطُ بِهَذِهِ العِبارَةِ أوْ كانَ الشَّيْءُ مُعَيَّنًا كالثُّلُثِ والرُّبُعِ وأمّا قَوْلُهُ أوْ يُعَوِّضُهُ عَنْها شَيْئًا فَلا يَصِحُّ أيْضًا لِأنَّ اشْتِراطَ التَّعْوِيضِ فِي الهِبَةِ لا بُدَّ أنْ يَكُونَ العِوَضُ مَعْلُومًا لِما تَقَدَّمَ أنَّهُ تَمْلِيكٌ مُبْتَدَأٌ وهَذا مَجْهُولٌ وبِهَذا انْدَفَعَ إشْكالُ الشّارِحِ – ﵀ تَعالى – تَبَعًا لِصاحِبِ النِّهايَةِ وهُوَ أنَّهُ إذا أرادَ بِهِ الهِبَةَ بِشَرْطِ العِوَضِ فَهِيَ والشَّرْطُ جائِزانِ فَلا يَسْتَقِيمُ قَوْلُهُ بَطَلَ الشَّرْطُ وإنْ أرادَ بِهِ أنْ يُعَوِّضَهُ عَنْها شَيْئًا مِن العَيْنِ المَوْهُوبَةِ فَهُوَ تَكْرارٌ مَحْضٌ لِأنَّهُ ذَكَرَهُ بِقَوْلِهِ عَلى أنْ يَرُدَّ عَلَيْهِ شَيْئًا مِنها اهـ.
فَإنَّ كَلامَهُ لا يَتِمُّ إلّا إذا كانَ العِوَضُ مُعَيَّنًا ولَيْسَ مُرادُ المُصَنِّفِ هَذا ما ظَهَرَ لِي قَبْلَ الِاطِّلاعِ عَلى كَلامِ صَدْرِ الشَّرِيعَةِ ثُمَّ رَأيْته صَرَّحَ بِهِ فَقالَ أقُولُ: إنّ مُرادَهُمْ ما إذا كانَ العِوَضُ مَجْهُولًا وإنَّما يَصِحُّ العِوَضُ إذا كانَ مَعْلُومًا. اهـ (البحر الرائق شرح كنز الدقائق —ابن نجيم ت ٩٧٠(
