immediate possession before the parties separate, because the Lawgiver stipulated possession before separation so that neither party would retain any attachment to what he has transacted in. A stipulated option therefore conflicts with this. For this reason, a stipulated option is not valid in transactions whose validity depends on possession being taken before the parties separate.

However, the correct view is that it is valid in currency exchange. We say: Take possession before separating, and let the exchanged amounts remain in your respective possession according to your stipulation. You may then either confirm the sale or rescind it, due to the general import of the Prophet’s saying, may Allah’s peace and blessings be upon him: “Muslims are bound by their conditions” (1), and his saying: “Any condition not found in the Book of Allah is invalid, even if there are a hundred conditions” (2).

If they stipulate it for one of them rather than the other, it is valid. If it is stipulated until tomorrow or until night, it expires at the beginning thereof. The one who holds the option may rescind, even if the other party is absent and displeased. Ownership during the two option periods belongs to the purchaser.....

The author’s statement, “If they stipulate it for one of them rather than the other, it is valid,” means that the dual form in “they stipulate it” refers to the two contracting parties, while the pronoun “it” refers to the stipulated option. That is, if the buyer and seller stipulate the option for one of them—whether the seller or the buyer—rather than the other, it is valid, and the other party’s option lapses.

This is indicated by the previously mentioned evidence for the permissibility of a stipulated option, such as the Prophet’s saying, may Allah’s peace and blessings be upon him: “Muslims are bound by their conditions.” It is also indicated by the hadith of Ibn Umar, may Allah be pleased with him: “Or one of them grants the other the option” (3). Since this right belongs to both of them, if they stipulate it for one of them rather than the other, it is valid. If they stipulate it for neither of them, nor for both of them, the sale becomes binding and there is no option.

The author’s statement, “If it is stipulated until tomorrow or until night, it expires at the beginning thereof,” means that if he says, “I have