The process of both the buyer and seller taking possession of their respective subject-matter of the contract. In other words, munajaza describes the situation where the buyer pays the price and the seller delivers the object of sale with immediate effect, i.e., on a spot basis. This involves taking possession of the two subject-matters exchanged at the time of the contract. However, taking possession (qabdh) may be effected actually (qabdh haqiqi) or constructively (qabdh hukmi).
Munajaza is an Arabic term (مناجزة) that translates as immediate completion (consummation) of some action.
A sale that is carried out based on munajaza is known as spot sale or in Arabic as ba’i munajjaz.
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