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Bai ( Buying & Selling)

Presented by :
Zubair Mughal
CEO AlHuda: Centre of Islamic Banking &
Economics

Basic Rules of Bai

Existence of Product/Commodity

Ownership of Product/Commodity

Possession of Product/Commodity

Basic Rules of Bai

Unconditional basis

Product have value/Price.

Bai on Such product which is


permissible in Islam.

Basic Rules of Bai

Product Must be Identify, clear with


all demanding Qualities.

Not based on any incident,


struggle etc

Price must be clearly identified.

Bai (Buying & Selling)

Basic Kinds of
Bai

Kinds of Bai

Bai
Bai
Bai
Bai
Bai
Bai

Musawamah
Murabaha
Surf
Salam
Istisna
Urboon

Basic Kinds of Bai

Bai Eenna
Bai Touliya
Bai Wadhia

Bai
There are three basic type of Bais
which are using in Islamic Banking
as the mode of financing in
Pakistan
Murabahah
Salam
Istisna

Murabahah

Basically, its not a mode of financing


but a source to avoid interest Dealing
Its not a type of loan, but a deal (Bai)
Murabahah can be used as source of
financing when client needs funds to
purchase any product/Machinery etc.

Murabahah

Sharing of Risk of loss differentiate


Murabahah from the interest category
Product Must be bought from third
party for avoid buy back transaction
Roll over is not Valid in Murabahah
If actual cost can not be identified
then Murabahah deal not possible.

Bai
Important Note
Following 3 Basic Rules of Bai are
exceptional for Salam & Istisna

Existence of Product/Commodity
Ownership of Product/Commodity
Possession of Product/Commodity

Salam

Pay 100% amount in Advance.


Product must be quantified,
identified and Measured with quality.
Date of delivery, Time, Place must
be mentioned clearly in advance.
Salam is not valid for a specific
farm/land/garden.

Istisna

Not necessary to pay the 100%


amount in advance Like Bai salam.
Price must be decided on
beginning of the contract.
Qualities, features of that product
must be clearly identified.

Bai

Differences Between
Istisna and Salam

Differences Between
Istisna and Salam

Istisna deal with manufacturing


items, but Salam could or could
not be manufacutred, but salam
ideal of agriculture sector.
In salam advance payment is
necessary, but in Istisna its not.

Differences Between
Istisna and Salam

Date, time of delivery the


necessary part of Bai Salam, But in
Istisna, it is not the part of the
deal.
In Bai salam, it can be cancelled
one sided, but in Istisna, it could be
cancelled, if production is not
started yet.

Type of Bai according to


Quality

Bai
Bai
Bai
Bai

Salah
Fasid
Batil
Maqoof

Type of Bai according to


Quality

Bai Majool
Bai Muqayaddah
Bai Muajal

Thank you

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