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SALES CONTRACT (Bay' Bithaman Ajil (a deferred payment sale., The…
SALES CONTRACT
Bay' Bithaman Ajil
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The furnitures that you wish to purchase for example, are bought by the bank and sold to you at an agreed to price, after the bank and you determine the tenure and the manner of the instalments.
Bay Al-Muzayadah
the sale (bay') of an asset in the open market based on the process of bidding amongst potential buyers.
involves the sale of a merchandize that is offered at the same time to more than a prospective buyer.
Bay' Al-Juzaf
lump-sum sale without determining its quantity, number of units, or weight.
involves foodstuffs such as meat, vegetables, dates, grain,
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Bay' Al-'Inah
A round-tripping sale (or double sale) in which one party (actually the lender) sells another (actually the borrower) an object (commodity, asset) for a given price on credit (deferred price) and simultaneously repurchases it for a lower price.
Bay' Al-Tawarruq
which a commodity is bought with deferred payment and sold to a third party (a person other than the buyer) for immediate cash.
Bay' Al-Istisna
a contractual agreement
with manufacturer to produce items with specified description at a determined price, and manufactured from his own materials with his own effort
Bay Al-Ubun
down payment or commitment cash margin) gives the buyer the right to decide whether to proceed with the contract or rescind it
Bay' Al-Istirar
whereby a supplier agrees to deliver a specific commodity/item to a customer, on an ongoing basis (weekly, monthly, etc), at an agreed price and method of payment.
Bay' Hamish Al-Jiddiyyah
a security deposit received by the purchaser/reseller in a murabaha to the purchase orderer (MPO) from the potential buyer upon the request of the latter to buy a specific asset/commodity either on credit (for the purpose of financing) or in cash (for the purpose of seeking the market expertise of the purchaser/reseller).
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Bay' Al-Wafa
which the seller has the right, as stipulated in the contract, to repurchase the underlying property (an estate like a house or land) from the buyer by refunding the purchase price.
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