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Classical writings on Shari’ah, some of which date back to twelve centuries ago mentioned three essential sharing-based financing contracts, namely, equity sharing (Musharakah), equity sharing with a sleeping partner (Mudarabah) and crop-sharing (Muzara’ah). They also mentioned three sale-based financing contracts: deferred payment sale (al bay’ al ‘ajil), forward sale

with cash advance (Salam) and manufacturing financing sale (‘Istisna’). Lastly classical writings also mentioned leasing (Ijarah) as a form of financial contracting.

Although thispaper does not intend to go through the by-now well known descriptions and conditions of each of these contracts, one stop is necessary at the deferred payment sale at a higher than the cash price because it gives a demarcation of interest vis-à-vis financing sale.

The permissibility of deferred payment financing sale in mentioned in no less than the Qur’an itself. Verse 2: 275 begins: “. . . They [Riba takers] say: ‘Sale is just like Riba,’ but God has permitted sale and forbidden Riba.”

Claiming that sale is just like interest lending is logically incorrect and exposes the claimant to be ridiculed and accused of foolishness, insanity or loss of rationale because cash sale is very remote from interest lending and has no similarity to it. What is, obviously, similar to interest lending is deferred payment sale at a price that is higher than the cash price. Here the similarity is obvious.4 Interestingly, the Qur’an did not ridicule this claim or accused it of irrationality; this is inspite of the fact that in many instances/occasions the Qur’an invokes the rationality argument by statements such as: “will they not understand?” “you may understand,” “Do you not understand?” “in order that you may rationalize’” all such phrases came in Chapter 2 itself; and “have you no rationale?” “if you have reason,” “don’t you reason,” “so that they may have mind to rationalize with!” and many like Verses throughout the entire Holy Book. This implicitly means that some similarity is acknowledged but yet the Qur’an quickly directs the attention to the permissibility of the sale that is similar to interest lending and the prohibition of the latter; as if it says; while certain similarity is acknowledged there are differences that warrant the permissibility of deferred payment sale-based financing and the prohibition of interest/lending-based financing. This is why the overwhelming majority of scholars argue that the permitted sale in this Verse is deferred payment financing sale. This is also supported by bringing in a Verse (2: 282) about debts confirmation and documentation immediately after the Verses that deal with the prohibition of interest and permissibility of deferred-payment sale financing (2: 275-281) because deferring the payment creates debts that need to be documented.

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