A type of sale on credit (bay’ ajel) in which the price (thaman) is paid in full at a future date or at the end of a preset period of time. Payment may also be made in installments on a series of specified dates. The buyer, who takes delivery of the underlying item at the contract date, is required to settle the price in a lump sum at the date specified by the seller. In general, the price of the underlying item is agreed between the buyer and the seller at the time of the sale. Shari’a doesn’t permit stipulating any charges for deferring payments because this gives rise to riba payment or receipt.
Bay’ al-nasi’ah is an Arabic term that translates into deferred payment sale.
It is also known as bay’ al-muajjil.
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