Sales Contracts

     Deferred-payment sale (bay’ mu’ajjal) and deferred-delivery sale (bay’salam) contracts, in addition to spot sales, are used for conducting credit sales.  In a deferred-payment sale, delivery of the product is taken on the spot, but delivery of the payment is delayed for an agreed period.  Payment can be made in a lump sum or in installments, provided there is no extra charge for the delay.  A deferred-delivery sale is similar to a forward contract where delivery of the product is in the future in exchange for payment on the spot market.  (Source: World Bank)
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