Section One
Purchase and Sale
Al-Biyū’
We mean by al-Bay‘: transferring the asset to other people in exchange of another thing/asset. Al-Bay‘ is established by the buyer and seller through a contract of words or deeds which includes proposal from one of them and acceptance from the other.
We said ‘al-Biyū’’ using the plural form because the two assets may be present in the exchange, which is ‘al-Bay‘ an-Neqdi’ (cash sale); or the price may be held at the present price but the delivery of the purchased good is postponed, which is ‘bay‘ as-Salaf’ (lending sale); or the good may be taken now but the payment of the price is postponed, which is ‘bay‘ an-Nasi’ah’ (postponed-payment sale). Although these three meet in many rulings, we preferred to separate them into three chapters in light of the differing rulings.
Chapter 1: Cash sale (al-Bay‘ an-Neqdī)
(A) Form and conditions
(B) Commitment and revocation
Addition in iqālah (agreed invalidation)
Chapter 2: Postponed-payment sale
Chapter 3: Lending sale
Chapter 4: Transaction interest (ribā)
(A) Selling things measured
by weight and measure (measuring vessel)
(B) Exchange sale
Section One
Purchase and Sale
Al-Biyū’
We mean by al-Bay‘: transferring the asset to other people in exchange of another thing/asset. Al-Bay‘ is established by the buyer and seller through a contract of words or deeds which includes proposal from one of them and acceptance from the other.
We said ‘al-Biyū’’ using the plural form because the two assets may be present in the exchange, which is ‘al-Bay‘ an-Neqdi’ (cash sale); or the price may be held at the present price but the delivery of the purchased good is postponed, which is ‘bay‘ as-Salaf’ (lending sale); or the good may be taken now but the payment of the price is postponed, which is ‘bay‘ an-Nasi’ah’ (postponed-payment sale). Although these three meet in many rulings, we preferred to separate them into three chapters in light of the differing rulings.
Chapter 1: Cash sale (al-Bay‘ an-Neqdī)
(A) Form and conditions
(B) Commitment and revocation
Addition in iqālah (agreed invalidation)
Chapter 2: Postponed-payment sale
Chapter 3: Lending sale
Chapter 4: Transaction interest (ribā)
(A) Selling things measured
by weight and measure (measuring vessel)
(B) Exchange sale