Bai-Muajjal

Bai-Muajjal: Bai means 'Sale and purchase' Ajal means a fixed time or a fixed period.
So, Bai-Muajjal means 'sale for which payment is made at a 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 specific goods permissible under Shariah and Law of the land, 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 the goods purchased by him as per order and specification of the Buyer.