From the Arabic term “bai al-ikhtiyar“. According to Malikis, it is a sale (ba’i) in which the buyer has the option to choose one from among a number of items on offer after the agreement of sale is entered into. The Maliki fuqaha permitted this type of sale, provided all items are of the same genus and type, and that the consideration be of the same genus and category. Differences would invalidate the sale. The Hanafi school of thought (mazhab) called it a specification option, i.e., the option of buying one of two or three items, with the specification being made later. The option is restricted to three items or less.
Islamic Finance
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