Certainly, only a financial system with such noble values can keep at bay any economic adversity in a society, and is bound to create equal opportunities towards...


Sukuk Issuance

Understanding the project

Structuring the project
Pre-marketing feedback

Transaction legal documents and Fatwa


Salam  Sale commodity 

Like istisna, Salam is another sale structure where certain commodity is transacted before coming into existence. In Salam, seller undertakes to supply certain commodity in future...


Bai Muajjal - Sale on deferred Basis

  • Following are sharia parameters for any sale contract to be valid :
  • Seller and buyer should be fully capable and competent of undertaking the sale transaction.
  • Parties sell and purchase through valid offer and acceptance.
  • Offer should contain details on price, asset identification / description and mode of payment.
  • Acceptance should be for the offer made, otherwise it would be a counter-offer, necessitating acceptance by the counter-party.
  • The underlying asset should be :

A. Validly existing and having some value.

B. Not prohibited, such as liquor, pork etc.

C. Owned by seller, or his principal in case the seller acting as agent

D. There should be no conditionality preventing the buyer from taking title and delivery upon payment of price on the spot.

  • Furthermore, the asset should be clearly defined either through physical characteristics or unambiguous description.
  • In the latter case, the buyer has the option to revoke the sale in case the asset is not found to be in line with such description.
  • There should be no ambiguity or uncertainty about the delivery of the asset, i.e. the time and place of delivery should be clearly defined .
  • The price should be clearly definitive, i.e. the currency, the amount and the time and place of payment of the price should have no ambiguity.
  • The price should be paid on spot basis i.e. upon delivery of the asset, the subject matter of the cash sale contract.
  • The bai multlaq should not be entered into for any sharia repugnant asset, goods or commodities.