Message No : 2Sr.No : 90/724
Question By : Ammaarah Qaasim

Assalamu Alaikum
1. What are the essential properties of a contract of bai?
2.How is bai-salaam different from bai-istijrar?
3.what is the anture risk borne by a seller in a murabaha? How are the profits from murabaha different from riba?
Please reply as soona s possible when you get time.
Thank you


Reply By : Shihabuddin Qasmi
Designation : Mufti, ODI, MMERC, Mumbai 

In the name of Allah the most gracious the most merciful
Wa Alaikumossalam
Dear Sister in Islam,
The answers of your questions are as follow:

1. Bai is an Arabic word which means to change an object with another one whether Maal (good) or otherwise. And in the terms of Shariah it implies to exchange a desirable good by a similar one with the mutual consent of both the parties in a particular manner; one says ˇ°I sell this objectˇ± and the other will say, ˇ° I accept itˇ±. The condition is the Ahliath (capability) of both the parties for the dealing of Bai such as Aqal (conscious) and Buloogh (Adulthood) etc. The Mahal (place) of Bai is Maale Mutaqauam (valuable object). The Hukm of Bai is to prove the possession of object. The logic of Bai is to m¨¦nage the system of society.

2. Bai-e-Salam is to exchange a present good by a later one like giving some amount of money to a person to get an object after a particular period of time. This kind of Bai is permitted with some conditions: (1) the quality of goods should be quite clear so that it will not lead to quarrel at the time of taking possession. (2) The price of the goods should be decided. (3) The quantity of good should be known. (4) All the amount should be paid at the time of dealing. (5) The period of giving goods should be one month at least. (6) The place of handing over the goods should be decided.

Bai-e-Istijrar is to take goods which are usually not paid back from dealer and in case the article was lost or damaged the taker pays the price to the dealer.
The difference between Bai-e-Salam and Istijrar is clear by their definitions that bai-e-salam is exchanging of sooner good by a later on and bai-e-istajrar is a kind of hire which turns into bai later on.

3. The question needs more clarification.

Allah knows the best


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