RIBA: MEANING & TYPES, REASONS FOR RESTRICTION OF RIBA, RENT & COMMISSION.

Dictionary Meaning: In Arabic Riba means increase, excess, expansion, additional etc.

Technical Meaning: It means Interest/usury/sud etc.

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wbgœwjwLZ KzdjB Reasons for restriction of Riba:

my‡`i AMwYZ ˆbwZK, mvgvwRK, A_©ˆbwZK, ivR‰bwZK I AvšÍR©vwZK Kyd‡ji g‡a¨ wb‡gœ K‡qKwU Kzd‡ji K_v Av‡jvPbv Kiv nj:

1.    my` K…cbZv I †jv‡fi m„wó K‡i: my`‡Lvi KLbI A‡b¨i Afve I mgm¨v‡K gvbweK `„wó‡Kvb †_‡K, mnvbyf~wZi `„wó‡Z †`‡L bv eis A‡b¨i Afve‡K cuywR K‡i ‡jv‡fi ekeZ©x n‡q AwaK K…cbZvi cwiPq †`q|

2.   ‡¶v‡fi Rb¥ †`q: FY MÖnxZv eva¨ n‡q FY †bq Ges eva¨ n‡q D”P nv‡i my` †`q Ges wb‡Ri KóvwR©Z A_© my`‡Lv‡ii nv‡Z Zz‡j w`‡q AwZ K‡ó Rxeb hvcb K‡i, d‡j my`‡Lv‡ii cwZ Zvi GKUv Pvcv †¶vf m„wó nq hv mgv‡Ri Rb¨ LyeB ¶wZKi|

3.   ‰bwZK Ae¶q: ‡h e¨emv‡q my` †ekx, my`‡Lvi †mLv‡bB cuywR LvUvq, d‡j gv`K`ªe¨, Ryqv, Ak­xj Qvqv Qwe, bvix e¨emvi gZ RNb¨ ˆbwZKZv we‡ivax KvR mgv‡R we¯Zvi jvf K‡i Ges mgv‡Ri ‰bwZK Ae¶q NUvq|

4.   my` GKwU Ryjyg: my‡` A_© wb‡q e¨emvq ¶wZMÖ¯’ n‡j, FY MÖnxZv mgqgZ FY cwi‡kva Ki‡Z cv‡ibv, d‡j FY`vZvi my‡`i cvIbv AviI †e‡o hvq hv FYMÖnxZvi Rb¨ Ryjyg Qvov Avi wKQyB bq|

5.   cuywR MVb K‡g hvq: my‡`i Kvi‡b `ªe¨g~j¨ e„w× cvq, d‡j †fv³v‡`i µ‡hi cwigvY K‡g hvq Ges †gvU weµq K‡g hvIqvi Kvi‡b Drcv`‡Ki jv‡fi cwigvb K‡g wM‡q cuywRMV‡b †bwZKvPK cÖfve †d‡j|

6.   wewb‡qvM K‡g hvqt my‡`i Kvi‡Y Drcv`b LiP †e‡o hvq Ges `ªe¨ g~j¨I e„w× cvIqvi Kvi‡Y, `ª‡e¨i Pvwn`vI K‡g hvq, d‡j Drcv`bKvixMY wewb‡qv‡M wbi“rmvnx nb|

7.   SzuwKeûj I Kj¨vYKi Lv‡Z wewb‡qvM K‡g hvqt my‡`i Kvi‡Y Drcv`b LiP †e‡o hvq wKš‘ †Kvb SzuwKc~Y© A_P Kj¨vYKi Lv‡Z hw` H LiP †gUv‡bvi gZ h‡_ó my‡hvM bv _v‡K, Z‡e wewb‡qvMKvixMY H Lv‡Z wewb‡qvM Ki‡e bv, d‡j mgv‡Ri Rb¨ Kj¨vYKi nIqv m‡Z¡I H Lv‡Z wewb‡qvM K‡g hvq|

8.   mÂqKvix‡`i Ajm K‡i †`qt mÂqKvixMb webv SzuwK‡Z wbwðZ nv‡i my` cvIqvi Kvi‡Y, wewb‡qv‡Mi SzuwK enb Ki‡Z Pvq bv Ges Ajm e‡m my‡`i e¨emvq UvKv LvUvq|

9.   ‡eKviZ¡ e„w× cvqt my‡`i Kvi‡Y Drcv`b LiP †e‡o hvq, d‡j wewb‡qvM K‡g hvq| Aciw`‡K `ªe¨ g~j¨I e„w× cvIqvi Kvi‡Y mvwe©K Pvwn`vI K‡g hvq| cwiYwZ‡Z Drcv`‡Ki jvf K‡g hvq Ges wewb‡qvM n«vm cvq| Gi d‡j kªwg‡Ki Pvwn`v K‡g wM‡q ‡eKviZ¡ m„wó K‡i|

10. gy`ªvùxwZ evovqt my‡`i cÖfv‡e `ªe¨ g~j¨ e„w× cvq, Aciw`‡K Abyrcv`bkxj Lv‡Z jvf †ekx n‡j my`x A_© H Lv‡Z wewb‡qvM e„w× K‡i Ges Drcv`bkxj Lv‡Z wewb‡qvM K‡g hvq| d‡j evRv‡i c‡Y¨i mieivn K‡g wM‡q `ªe¨ g~j¨ cybivq e„w× †c‡q gy`ªvùxwZi Rb¥ †`q|

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A¡mÓ¡qa¡u¡m¡ p¤c­L q¡l¡j Hhw j¤e¡g¡­L q¡m¡m L­l­Rez a¡q~ p¤­cl pw‘¡ H ®~h¢nøÉ A¡­m¡Qe¡l fl j¤e¡g¡l pw‘¡ J ®~h¢nøÉ Hhw p¤c J j¤e¡g¡l j­dÉ ®j¡~¢mL f¡bÑLÉ pÇf­LÑ A¡­m¡Qe¡ Ll¡ Sl¤l£z

f¤y¢Sh¡c£ Abe£¢a­a ®j¡Y~ A¡u q­a ®j¡Y~ X~vf¡ce MlQ Ab¡Ñv S¢jl M¡Se¡, nÊ­jl jS¤l£ J f¤y¢Sl p¤c h¡c ®cJu¡l fl hÉhØÛ¡fe¡l q¡­a ®k X~cŪJ b¡­L, a¡­L hm¡ q­u­R j¤e¡g¡z X~àªJ ®hn£ b¡L­m j¤e¡g¡ ®hn£ qu,  X~àªJ Lj b¡L­m j¤e¡g¡ Lj qu; A¡l X~àªJ k¢c e¡ b¡­L a¡q­m j¤e¡g¡ qu e¡ h¡ ®m¡Lp¡e quz p¤al¡w j¤e¡g¡l f§hÑ-¢ed¡Ñ¢la ®L¡e q¡l e¡q~z

AeÉLb¡u, j¤e¡g¡ q­QR ¢h¢e­u¡¢Sa f¤y¢Sl h¢dÑa Awn, A¡l ®m¡Lp¡e q­QR f¤y¢Sl ruf¡f¹ h¡ ®M¡u¡ k¡Ju¡ Awnz Ab¡Ñv ®L¡e X~­cÉ¡J²¡ ®L¡e hÉhp¡u HL m¡M Y~¡L¡l f¤y¢S ¢h¢e­u¡N L­l HL hRl fl k¡ha£u MlQ h¡­c k¢c 1,20,000/- Y~¡L¡ f¡u, a¡q­m f¤y¢Sl h¢dÑa Awn Ab¡Ñv ¢hn q¡S¡l Y¡L¡ q­h a¡l j¤e¡g¡z Afl¢c­L HL hRl fl ph MlQ h¡­c k¢c ®p ®c­M ®k a¡l q¡­a j¡H eîq~ q¡S¡l Y~¡L¡ A¡­R, a¡q­m f¤y¢Sl qÊ¡pfÊ¡f¹ h¡ ®M¡u¡ k¡Ju¡ cn q¡S¡l Y¡L¡ q­h a¡l ®m¡Lp¡ez

H q­m¡ f¤y¢Sh¡­cl AbÑe£¢a­a j¤e¡g¡l pw‘¡z ¢Le¹¤ j¤e¡g¡l X~J² f¤y¢Sh¡c£ pw‘¡l p¡­b q~pm¡j£ AbÑe£¢al pw‘¡l f¡bÑLÉ l­u­Rz q~pm¡­j p¤c ¢e¢oÜz q~pm¡j£ AbÑe£¢a­a a¡q~ p¤c ®me­c­el fÊnÀq~ A¡­p e¡z p¤al¡w q~pm¡j£ AbÑe£¢a­a ®j¡Y~ A¡u q­a ®j¡Y~ X~vf¡ce MlQ ¢q­p­h ®Lhm S¢jl M¡Se¡ J nÊ­jl jS¤l£ h¡c ¢c­m k¡ Ah¢nù b¡­L a¡­Lq~ hm¡ qu j¤e¡g¡z Ab¡Ñv ®L¡e f­ZÉl ¢hH²umì A¡u ®b­L M¡Se¡ J jS¤l£ h¡hc ®j¡Y~ MlQ h¡c ®cu¡l fl k¢c ¢h¢e­u¡¢Sa f¤y¢S hª¢Ü f¡u, a¡q­m f¤y¢Sl ®pq~ h¢dÑa Awn­L hm¡ qu j¤e¡g¡z A¡l k¢c f¤y¢S qÊ¡p f¡u, a¡q­m Hl qÊ¡pf¡f¹ Awn qu ®m¡Lp¡ez

q~pm¡j£ A¡q~­e hm¡ q­u­R ®k j¤e¡g¡ q­QR pÇf­cl Hje fÊhª¢Ü k¡ ®L¡e AbÑ­~e¢aL L¡lh¡­l pÇfc ¢h¢e­u¡N Ll¡l g­m A¢SÑa quz X~­cÉ¡J²¡ fÊb­j ¢h¢e­u¡¢Sa AbÑ­L f­ZÉ l§f¡e¹¢la L­l, Aaxfl X~J² fZÉ ¢h¢H² L­l fZÉ­L A­bÑ m¡i f¡u, ¢Le¹¤ k¢c fÊ¡f¹ AbÑ f§­hÑl a¤me¡u Lj qu, a¡q­m a¡l f¤y¢S L­j k¡u h¡ a¡l ®m¡Lp¡e quz j¤e¡g¡ Hq~ f¤y¢S­L l§f¡e¹¢la L­l T¤y¢L NÊq­el gmz

H A¡­m¡Qe¡ ®b­L HY~¡ f¢lØL¡l ®k f¤y¢S M¡Y~¡­e¡l hÉhÙÛ¡fe¡ pwH²¡e¹ j¡eh£u nÊj ¢e­u¡N J T¤y¢L NÊq­Zl gmpÅl§f j¤e¡g¡ A¢SÑa quz L¡lZ f¤y¢S LM­e¡ pÅuw¢H²ui¡­h hª¢Ü f¡u e¡; f¤y¢S karZ fkÑe¹ X~­cÉ¡J²¡l nÊ­jl p¡­b ¢j¢ma e¡ qu, aarZ 100 Y~¡L¡ 100 Y~¡L¡q~ b¡­L, ¢Le¹¤ 100 Y~¡L¡ kMe ®L¡e cr X~­cÉ¡J²¡ ¢h¢e­u¡N L­l H­L f­ZÉ l§f¡e¹¢la L­l, a¡lfl A¡h¡l ®p fZÉ­L Y~¡L¡u ¢g¢l­u hq¤N¤­eJ h¢dÑa q­a f¡­lz a¡q~ ¢h¢e­u¡N hÉa£a f¤y¢Sl fÊhª¢Ü qu e¡; AeÉLb¡u f¤y¢S ¢e­S pÇf­cl SÇj ¢e­a f¡­l e¡z p¤al¡w j¤e¡g¡ q­QR j¡eh£u nÊ­jl p¡q¡­kÉ f¤y¢S M¡y¢Y~­u T¤y¢L NÊqZ Ll¡l gmz

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Fungible Non-Fungible Goods

Origin of Riba is loan. Now what is a loan and what are its essential characteristics? For the purpose of defining loan, Riba, Rent, etc. the goods and services available in this world are divided into two groups. One group is called Fungible goods or Maale Faani, and the other non-Fungible goods or Maale Gaire Faani.

Fungible goods: are those goods benefit from which cannot be derived without fully consuming the goods or it may be defined as  the goods which if used once, loses its very existence or is transformed into other goods. For example, Rice, salt, money, etc. The essential characteristics of Fungible goods are:

             i)      It does not exist or gets transformed or it is used once.

           ii)      It does not have flow of service; cannot give service or benefit more than once and

         iii)      Its service cannot be made separated from the goods itself, therefore, its service cannot be sold keeping the goods separate.

Non-Fungible goods: On the other hand, non-Fungible goods are the goods which can be used repeatedly and benefit can be taken from them as many times as possible throughout their life or existence. For example, table, car, land, etc. This kind of goods has also got three essential characteristics. These are:

             i)      These exist inspite of repeated use;

           ii)      These have got flow of services, therefore, can give service more than once and

        iii)      Their service can be separated from the goods itself, therefore, can be sold keeping the goods as it is.

Loan-Quard/Quarde Hasanah

Loan in Arabic is termed as Quard. Loan or Quard may be defined as follows:

To give any person a Fungible goods for using the same for his benefit on condition that he shall return similar goods in same quantity/amount within a fixed period or when possible for him. An analysis of this definition gives the following essential elements of loan:

             i)      The goods must be Fungible one;

           ii)      It must be given to someone for his use and benefit;

         iii)      There must be a condition to return similar goods in same quantity/amount;

          iv)      There must have a period of maturity which may be fixed or may also be kept open;

            v)      The lender does not bear any risk of the loan he lent;

          vi)      Nothing additional (of the same goods or any other goods, services or benefit) over and above the principal should be imposed, charged or even expected against loan.

Any transaction having fulfilled these conditions, shall be termed a loan or Quard. This actually is what we call Quard-e-Hasansh.

Riba based Loan or Quard-ur-Riba

When any loan/Quard is offered or received on condition that certain additional amount or any other excess or benefit will be charged or be paid (over and above the principal) the loan or quard is turned into a Loan on Riba or Quard-ur-Riba, the excess being the Riba or interest.

Thus, the difference between Quard-e-Hasanah and Quard-ur-riba is that, in Quard-e-Hasanah, there is no excess but in Quard-ur-Riba there is excess which is Riba or interest. This excess is paid by the borrower to the lender for which borrower loses to that extents while the lender becomes gainer to the same extent. It is, thus, taking the excess paying nothing in return. This is great injustice. That is why it is Haram.

Rent

In Arabic it is termed as ‘Ajr’ which means consideration, exchange value, reward, wages, etc. It is the price of service of non-fungible goods.

The term ‘Ijarah’ has been derived from ‘Ajr’. Ijarah is one kind of Bai/Buying and selling. It is a mechanism by which the service of a non-fungible goods is sold in exchange of Rent (Ajr) keeping the goods and its ownership unsold. Thus it is an exchange of counter value, one side being the service and the other side the ‘Rent’. Therefore, it is Halal.

Commission

Definition (In general):

The fee charged by or paid to a broker, agent, or auto sales representative for negotiating a real estate, car sale, or loan transaction.

Definition (In the view point of Banking):

A fee paid to the Bank by a client for transacting a piece of business like negotiating sale or performing a service.

A commission is generally a percentage of the sales price/contract basis/fixed basis.

In view point of Shariah:

A fee charged by a broker or agent for his/her service in facilitating a transaction by rendering services. The payment of commission as remuneration for services rendered or halal products sold is a common way to reward sales people.

Difference between Quard, Riba, Profit and Rent

SL	Quard	Riba	Profit	Rent
1.	One good-Fungible	One good-Fungible	Two goods-Fungible	Two goods/ service-Non-Fungible
2.	No transformation.	No transformation.	Transformation.	Transformation.
3.	No risk of transformation and ownership.	No risk of transformation and ownership.	Risk borne.	Risk borne.
4.	Certain.	Certain.	Uncertain.	Fixed & certain.
5.	Condition to return similar goods in same quantity/amount.	Condition to return that certain additional amount or any other excess or benefit will be charged or be paid.	Condition to return not similar goods.	Condition to return not similar goods/service.
6.	It’s Halal.	It’s Haram.	It’s Halal.	It’s Halal.
7.	Buying and selling not required.	Buying and selling not required.	Buying and selling is must.	It’s one kind of buying and selling. It’s a mechanism by which the service of non-Fungible goods is sold in exchange of Rent.

INVESTMENT MODES: MUDARABA, MUDHARAKA, BAI-SALAM AND ISTISNA’A

Investment:

Investment is the action of Deploying Funds with the intention and expectation that they will earn a positive return for the owner.  Funds may be invested in either real assets or financial assets. When resources are spent to purchase fixed and real assets. For example, the establishment of a factory or the purchase of raw materials and machinery for production purposes.  On the other hand, the purchase of a legal right to receive income in the form of capital gains or dividends would be indicative of financial investment. Specific example of financial investment are, deposits of money in a bank account, the purchase of Mudaraba bonds.

There are different modes of investment under the Islamic Shari’ah which can be classified into three categories:

1.        Trading or Bai(‡Kbv-‡ePv) mode (Bai-Muazzal, Bai-Murabaha, Bai-Salam, Istisna’a)

2.       Partnership or Share(Askx`vix) mode (Mudaraba, Musharaka)

3.       Leasing/Izara(fvov) mode (Hire purchase, Izara-Bil-Baia, Leasing)

Bai Murabaha mode of investment:

The term “Bai-Murabaha” have been derive from Arabic words ‘Bai’ and ‘Ribhun’. The word ‘Bai’ means purchase and sale and the word ‘ribhun’ means an agreed upon profit. ‘Bai-Murabaha’ means sale on agreed upon profit.

Bai-Murabaha may be define as a contract between a Buyer and Seller Under which the seller sells certain specific goods permissible under Islamic shariah and the Law of land to the Buyer at a cost plus agreed profit payable in cash or on any fixed future date in limp sum or by installments.

Important Features of Bai-Murabaha:

1. To offer an order by the client to the bank.
2. To make the promise binding upon the client to prophase from the bank and also to indemnity the damages caused by breaking the promise.
3. To take security in the form of cash/kind/collaterals.
4. To document the debts resulting from Bai-Murabaha.
5. Stock and availability of goods is a basic conditi9on.
6. Bank must bear the risk until delivery of goods to the client.
7. Bank may sell it at a higher price.
8. Price once fixed cannot be changed.

Bai-Muajjal mode of investment: the term ‘Bai’ and the ‘Muajjal’ have been derive from Arabic words ‘Bai’ and ‘Ajalu’. The word ‘Bai’ means purchase and sale and the word ‘Ajalu’ means a fixed time or fixed period. ‘Bai-muajjal’ means sale for which payment is made at a future fixed date or within a fixed period. In short, it is a sale on credit.

Bai Muajjal may be defined as a contract between a buyer and a seller under which the seller sells certain goods permissible under Islamic Sharia and the Law of the country to the buyer at an agreed fixed price payable at a certain fixed future date in lump sum or within a fixed period by fixed installment. The seller may also sell goods purchase by himas per order and specification of the buyer.

Important Features of Bai-Muajjal:

1. It is permissible for the client to offer an order to purchase by the Bank particula goods deciding its specification and committing himself to buy the same from the bank on Bai-muajjal i.e. deffered payment sale at fixed price.
2. It is permissible to make the promise binding upon the client to purchase from the Bank, that is, he is either satisfy the promise or to identify the damages caused by breaking the promise without excuse.
3. It is permissible to take cash/collateral security to Guarantee the implementation of the promise or to identify the damages.
4. It is also permissible to document the debt resulting from Bai-Muajjal bu a Guarantor, or a mortgage.
5. Stocks and availability of goods is a basic condition for signing a Bai-Muajjal Agreement. Therefore, the Bank must purchase the goods as per specification of the Client of goods to acquire ownership of the same before signing the Bai-Muajjal Agreement with the client.
6. After purchase of goods the Bank bust bear the risk of goods until those are actually delivered to the Client.
7. The Bank must deliver the specified goods to the Client on specific date and at specific place of delivery as per Contract.
8. The Bank may sell the goods at a higher price than the purchase price to earn profit.
9. The price once fixed as per agreement and deferred cannot be further increased.
10. The Bank may sell the goods at one agreed price which will include both the cost price and the profit. Unlike Bai-Murabaha, the Bank may not disclose the cost price and the profit mark-up separately to the Client.

Diference between Murabaha and Bai-Muazzal:

Murabaha	Bai-Muazzal
1. Bank sell it at a higher price an spot payment or as any future date.	1. Bank sell it at a higher price but payment will be deffered.
2. Bank must bear the risk until delivery of goods to the client.	2. Client bear the risk of goods as the Possession of goods are in party control.
3. Possession  of goods under bank’s control.	3. Possession  of goods under party’s control.
4. Cost of the goods sold and the amount of profit should be mentioned in the Murabha Agreement.	4In Bai-Muazzal mode any selling price of goods should be mentioned in the Bai-Muazzal agreement i,e.
5. Pledge of goods by the bank.	5. Goods to be hypothecated  by the bank.

MUDARABA

Definition of Mudaraba:

Mudaraba is a partnership in profit whereby one party provides capital and the other party provides skill and labour. The provider of capital is called “Shahib al-maal” while the provider of skill and labour is called “Mudarib”.

Types of Mudaraba:

Mudaraba Contracts are generally divided as under:

1. Unrestricted Mudaraba and
2. Restricted Mudaraba

Unrestricted Mudaraba:

Unrestricted Mudaraba may be defined as a contract in which the Shahib al-maal permits the Mudarib to administer the Mudaraba fund without any restriction.

Restricted Mudaraba:

Restricted Mudaraba may be defined as a contract in which the Shahib al-maal restricts the actions of the Mudarib to a specified period or to a particular location or to a particular type of business.

Terms and elements of Mudaraba:

* Contracting Parties

There are two contracting parties in Mudaraba:

        1.      The provider of the capital i.e. ‘Shahib al-maal’ and

        2.      The Mudarib.

* Capital

Capital is the amount of money given by the provider of funds i.e. Shahib al-maal to the Mudarib with the purpose of investing it in the Mudaraba business.

* Profit & Loss:

Profit should be for both Shahib al-maal and Mudarib as per agreed ratio. Loss should be borne by the Shahib al-maal.

The main features of Mudaraba:

a)      There should be two parties: Shahib al-maal (financer/Investor) and businessman is Mudarib (Who provides skill and labour).

b)      There should be written agreement/contract between the Bank and the businessman which includes nature of business, period/time, sharing of profit etc.

c)      Bank will finance and the businessman will run the business by providing his labour & skill.

d)      The Bank will not interfere in the business.

e)      The businessman will appoint employee(s) and he will run the business independently.

f)      The Shahib al-maal /Financier/Investor reserves the right to check/verify the accounts of the business at any time.

MUSHARAKA

Definition of Musharaka:

Musharaka is a contract of partnership between two or more parties in which all the partners contribute capital, participate in the management, share the profit in proportion to their capital or as per pre-agreed ratio and bear the loss, if any, in proportion to their capital/equity ratio.

Types of Musharaka:

In the context of Islamic Banking financing, Musharaka may be of two types:

1. Permanent Musharaka
2. Diminishing Musharaka

Permanent Musharaka:

Permanent Musharaka may be defined as contract of partnership business between the Islamic Bank and its clients in which the Bank participates in the equity and share the profit at a pre-agreed ratio or bear the loss, if any, in proportion to the ratio of capital/equity where termination period of the contract is not specified. This is also called continued Musharaka.

Diminishing Musharaka:

Diminishing Musharaka is a special form of partnership in which one of the partners promises to buy the share of the other partner gradually until the title to the equity is completely transferred to him.

Contracting Parties:

There are two or more contracting parties known as partners. It is a condition that all the partners should be competent to give or be given power of attorney.

Capital:

Capital contributed by the partners may be in the equal or unequal and in the form of cash or cash equivalent, goods & commodities, assets or properties etc.

Distribution of Profit:

Profit should be distributed among the partners as per their ratio of capital or as per agreement.

Distribution of Loss:

The loss, if incurred in the business, shall be borne by the partners exactly according to the ratio of their respective capital.

Some Important Features of Musharaka:

1. Capital should be specific
2. Equal share is not a must
3. Nature of capital may be money or valuables
4. Active participation of partners
5. Ratio of profit prefixed
6. Variation in share of profit permissible
7. Participation and sharing profit & loss
8. Partners retains the ownership and right to management

Difference between Mudaraba and Musharaka:

Mudaraba	Musharaka
1. The capital in mudaraba is the sole responsibility of Shahib al-maal.	1. In Musharaka it comes from all the partners.
2. In Mudaraba, the Shaheb al-maal has no right to participate in the managemant which is carried out by the Mudarib only.	2. In Musharaka, all the partners can participate in the management of the business and can work for it.
In Mudaraba the loss, if any is suffered by the Shahib al-maal only, because the Mudarib does not invest anything. His loss is his labour and skill.	3. In Musharaka, all the partners share the loss to the extent of the ratio of their investment.

BAI-SALAM

Meaning:

Bai-Salam is a combination of two Arabic words Bai and Salam. Bai refers to Purchase and Sale while Salam means Advance. Payment of Bai-Salam transaction is made in advance. It is a form of sale on delayed terms in which the money may be paid first and the goods delivered at a later date.

Definition:

Bai-Salam is sale whereby the seller undertakes to supply some specific goods to the buyer at a future date in exchange for an advanced price fully paid on the spot.

Bai-Salam may be defined as a contract between a Buyer and a Seller under which the Seller sells in advance the certain goods permissible under Islamic Shari’ah and the law of the land to the Buyer at an agreed price payable on execution of the said contract and the goods is/are delivered as per specification, size, quality at a future time in a particular place.

The components of Bai-Salam:

The components of Bai-Salam contract are:

·                                 The contract parties i.e. Seller and Buyer

·                                 The price and the merchandise

·                                 The specifications of the contract.

Important features of Bai-Salam:

a)      A commodity /product sold without having the same in existence or possession of the seller. Commodity ready for sale, Bai-Salam is not allowed in Shariah.

b)      Generally to meet instant need of the seller so that production is not hampered due to shortage of fund/cash and as such. Industrial and agricultural products are purchased/sold in advance under Bai-salam.

c)      Permissible to obtain collateral security from the seller to secure the investment from any hazards (non supply, partial supply, low quality).

d)      Permissible to obtain mortgage / or personal guarantee from a third party before or at the time of signing the agreement.

e)      Bai-Salam on a particular commodity/product or on a product of a particular field or farm cannot be effected (Agri. Product only).

f)      Bai-Salam is not permissible for any ready goods/products.

g)      Unit price and total price of the goods must be fixed and mentioned in the contract.

h)      The exact time and place of delivery must be specified.

ISTISNA’A

Meaning:

The word Istisna’a has been derived from a Arabic word which means Industry. Istisna’a means to purchase specific product(s) by placing order to a manufacturer or to sale specific product(s) after having the same manufactured against order of a buyer.

Definition:

Istisna’a is a contract between a manufacturer/seller and a buyer under which the manufacturer/seller sells specific product(s) after having manufactured, permissible under Islamic Shari’ah and Law of the Country after having manufactured at an agreed price payable in advance or by instalments within a fixed period or on/within a fixed future date on the basis of the order placed by the buyer.

In short, it is a contract with a manufacturer to make something.

Features of Bai-Istisna’a:

a)      Istisna’a contract is another exceptional method where by commodities are bought and sold without existence of it.

b)      Delivery of goods is deferred and payment may also be delayed. Advance payment/ spot payment like Bai-Salam is not necessary. However payment may be made in advance or by installments.

c)      Sometimes advance payment against the goods is being paid to meet the production cost.

d)      Buyer gets the opportunity to make payment within the stipulated date in future or by installments.

e)      If the production of the commodity started or part payment is made, none of them can revoke the contract.

f)      If the product(s) are ready for sale, Istisna’a is not allowed in Shari’ah.

g)      It gives the buyer opportunity to pay the price in some future dates or by installments.

h)      Istisna’a is specially practised in Manufacturing and Industrial sectors. However, it can be practised in agricultural and constructions sectors also.

Diference between Istisna’a and Bai-Salam:

Istisna’a	Bai-Salam
1. The subject of istisna’a is always a thing which needs manufacturing.	1. Bai-Salam can be effected on anything, no matter whether it needs manufaturing or not.
2. It is not necessary in Istisna’a that the price is paid in full in advance.	2. It is necessary in Bai-Salam that the price is paid in full in advance.
3. The contract of Istisna’a can be cancelled before the manufacturer starts the work.	3. The contract of Bai-Salam, once effected, can not be cancelled unilaterally.
4. It is not necessary in Istisna’a that the time of delivery is fixed.	4. The time of delivery is an essential part of the sale in Bai-Salam.