Hire Purchase under Shirkatul Mielk (HPSM) Hire Purchase under Shirkatul Milk (HPSM) is a special type of contract; it is the combination of three separate contracts: Shirkat; Ijarah & Sale. Shirkatul Mielk:Shirkat refers to partnership. Shirkatul Mielk means share in ownership. When two or more persons supply equity, purchase an asset, own the same jointly,…
Bai-Murabaha Bai-Murabaha may be defined as a contract between a buyer and a seller under which the seller sells certain specific goods (permissible under Islamic Shariah and the Law of the land), to the buyer at a cost plus agreed profit payable in cash or on any fixed future date in lump-sum or by installments….
Bai-Muajjal Bai Al-Muajjal is a contract between a Buyer and a Seller under which the Seller sells certain specific goods permissible under Islamic Shari‘ah and Law of the land to the Buyer at an agreed fixed price payable at a certain fixed future date or within a fixed period in lump sum or by fixed installment. The…
