(Sale on deferred payment basis)
Some of the rules for Bai Mu’ajjal is also provided here in the following pares,
1 – A sale in which the parties agree that tha payment of price shall be deferred is called a Bai, Mu’ajjal. This is also the definition of Bai’ Mu’ajjal.
2 – Bai’ Mu’ajjal is valid if the due date of payment is fixed in an unambiguous manner.
2 – The due time of payment can be fixed either with reference to a particular date, or by specifying a period, like three months, but it can not be fixed with reference to a future event the exact time or date of which is unknown or uncertain. If the time of payment is unknown or uncertain, the sale is void.
3 If a particular period is fixed for payment, like one month, it will be deemed to commence from the time of delivery, unless the parties have agreed otherwise.
4 The deferred price may be more than the case price, but it must be fixed at the time of sale.
5 Once the price is fixed, it cannot be decreased in case of earlier payment, nor can it can be increased in case of default.
6 In order to pressurize the buyer to pay the installments promptly, the buyer may by asked to promise that in case of default, he will donate some specified amount for a charitable purpose. In this case the seller may receive such amount from the buyer, not to make it a part of his income, but to use it for a charitable purpose on behalf of the buyer. The detailed discussion on this subject will be found later in the next articles.
7 If the commodity is sold on installments, the seller may put a condition on the buyer that if he fails to pay any installment on its due date, the remaining installments will become due immediately.
8 In order to secure the payment of price, the seller may ask the buyer to furnish a security whether in the form of a mortgage or in the form of a lien or a charge on any of his existing assets.
9 The buyer can also be asked to sing a promissory note or bill of exchange, but the note or the bill can not be sold to a third party at a price deferred from its face value.