SALES (BAI) Sales (Bai) are commonly defined in the Shariah as “the exchange of a thing of value by another thing of value with mutual consent.” More specifically it means “the sale of a commodity in exchange of cash.” Types of Sales Following are the common types of sales: 1. Bai Musawamah: Refers to a normal sale in which the cost price is not known. 2. Bai Murabaha: Refers to a sale in which the cost and sale price are known to the buyer. 3. Bai Muqayada: Refers to a barter sale excluding currency sale. 4. Bai Surf: Refers to the sale of gold, silver and currency. 5. Bai Salam: Refers to a sale in which payment is on spot while the delivery of the good is deferred. 6. Bai Istisna: Refers to a sale in which the commodity is transacted before it comes into existence. It is basically an order to manufacture. 7. Bai Muajjal: Refers to a sale in which delivery is at spot while payment is deferred but the cost is not known.
Posted on: Mon, 28 Oct 2013 04:28:15 +0000
Trending Topics
Recently Viewed Topics
© 2015