Allah (swt) bestowed two sources for the guidance of human beings: 1. Prophets of Islam 2. Heavenly books Our prophet Muhammad (s.a.w) declared, "I am the last prophet of Islam and after me no prophet will come to guide". And "the Islamic scholars (Yf)(learned persons) are the successors of prophets". In the last Wedescended Quran-e-Hakeem through our prophet Muhammad (s.a.w) as a gift for Islam for the human beings. This is the responsibilities of Muslims to take part in its publications till the Resurrection for betterment of Muslims in the world and the world after the death. Therefore the work of prosperity of religion of Islam after the (Sahaba), the companion of our prophet Muhammad (s.a.w), Islamic Scholars and the persons who well versed in Islamic Laws lend their shoulders towards the prosperity of Islam. Inshallah this will continued tillthe Day of Judgment (i.e. Resurrection). There is no doubt that Islam is a universal rule of life. This is the religion which requisites according to the situation of all periods and it covers all sections of our life. Islam instructs about all up and down of our life. In human society for mutual transaction "The possession" acts as the backbone. Rather you can say mutual transaction is totally depends on "possession". Financial transactions are continuing since olden times before and after Islam. We noted that in every period the forms of possession do change. Due to this reason different forms of possessions came into existence. That is why it creates lot of new problems and the different ideas of possessions. This is not the end it is still going on. No doubt this topic surrounds many kinds of financial transaction. We can guess due to non- acquaintance about possessions, in general it is happening. As for example if someone buys something and before taking possessions of the same it is unlawful to sell it. But now a days, unfortunately this types of things are very common in the markets. Therefore it is essential to bring this in the knowledge to get fully acquaintance of the possessions so that all Muslims must know about its reality. After getting acquaintance Muslims can mould themselves according to Islamic laws. Although we worked in two languages Urdu and English on this but due to brief and lack of comprehension it didn''t clarify properly. Therefore we do feel to write on this topic a ResearchArticle which should be in our national language and should be a perfect and easily understandable. Keep in view the importance of this topic is being selected for the degree of Philosophy (Phd.).In view of the Quran and the Hadis we must study the concerned problems in such a way that one works on this in future will be helpful to him. Basic parts and limitations of the topic This article consists of one preface along with six chapters with one conclusion. In this preface topic in being introduced. First chapter is concerning with old and new economic theories. In this you will find old concept of economic activities of Greek old Arabic economic system during pagun states, commercial market and centres of Arabia, famous commercial shapes of ignorance, Islamic point of view regarding buying during ignorance and Modern Economic Theories been discussed in detail. Second chapter is regarding fact of possession and its introduction. In this there is definition of possession concept, of possession in FiqahMaalki. There are two elemtnts of possession in FiqahMaalkifirst steps / degrees of possession and second conditions and prevention of possession. Concept of Humbly consists of extra neous/terminologies irrelevant and internal/domesticconcept of possession according to FiqahShafai Concept of possession FiqahHanafi. Kinds of possession in accordance to legislation/claims and possession of moveable and immovable things, possession against expenditure and witness are mentioned in detail. Third chapter in regarding buying and selling. In this it is explained whether before getting possession it is wrong or false. According to Islamic Laws, buying and selling is strictly prohibited from movable and immovable before possessions. But there are some exceptions in it. Some scholars (Fuqha) say it is prohibited while somesay that there are some exceptions and specifications. In this chapter scholars (Imams-[Z) put a detailed light on their reasons, proofs and opinion. In this chapter it is mentioned about the international trade too, Fourth chapter is regarding buying and selling of old system. In this chapter all the possibilities of buying and selling by seller according to all processes of business and money in detail. Fifth chapter is regarding the buying and selling of modern methods. In which buying and selling of shared specification of shares, rights of given name to any business like trade mark and their kinds, trade name and sale of trade markcommercial license and its buying and selling. Buying and selling an instalments and all supported by proof is being mentioned in it. Sixth chapter is indicating financial documents. In which there are three kinds of sellers (+­Zß) definition of quotation members of quotation, condition of quotation, definition of cheques, limitation of cheques, few important kinds of cheques, Bill of Exchange and its few famous kinds, lawful alternateof Bill of Exchange, different kinds of credit cards and their Islamic rules, facts of bonds and its definition. At the end there is conclusion of the article. Hope that this article will prove an important document regarding authorities of the rights of possessions and expenditure. And inshallah this will be a source and a support for those who intend to work on Islamic Legislation. I pray to Allah (swt) to accept this abject endeavor and bestowed propitiatory acceptance for my parents, teachers and make them a way to get rid of them.