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ABSTRACT
The term Sale by Installments (SI) is a very common and modern banking facility
provided by banks in their day to day transactions due to its merits. SI is popular
among those with limited income among wage earners. Furthermore, SI is a viable
economic tool for stimulating market products. This study has tried to resolve the
issues surrounding the concept of SI from the Sharcah perspective, and laying down
Sharcah principles for its application. It examiners doubts regarding SI turning into
Riba through transactions involving the interest-based system. The study has shown
that SI is a new kind of sale that was not prevalent in the past. Instead, it was referred
to as al-Bayc Bithaman jil (Sale with Deferred Price). Thus SI is a Sharcah
alternative to the prohibited Riba. It resembles some other sales with similar features,
such as al-Bayc al-jil (Deferred Sale), Bayc al-Nasa (Deferment Sale), cAqd alIstisn (Contract of Manufacture) and al-Ijrah al-Muntahiyah bi al-Tamlk (Lease
ending with Ownership of Asset). The study has resolved to define SI as a sale where
the asset is delivered on the spot, and all, or part, of the price is deferred, to be paid in
specified installments within a specific time period. The study relies on analytical
method, reviewing issues and statements on the subject objectively in order to
generate results that would benefit the society relative to SI. The study also provides
Sharcah opinions on the validity of dealing with this kind of sale. That is, is SI
appropriate and practically suitable in the contemporary reality, considering its
advantages that accrue to the seller and buyer in terms of facilitating their transactions
and fulfilling their needs? The study concludes by validating SI based on the majority
opinion of Muslim scholars, derived from al-Qurn, al-Sunnah, al-Ijmc , al-Qiys,
rational and the public interest. The study also takes into consideration the application
of SI, in which an asset is sold on deferment at a price higher than the prevailing
acceptable price.

APPROVAL PAGE
I certify that I have supervised and read this study and that in my opinion it conforms
to acceptable standards of scholarly presentation and is fully adequate, in scope and
quality, as a thesis for the degree of Master of Islamic Revealed Knowledge and
Heritage (Fiqh and Usual al-Fiqh).

____________________________
Hossam EL Din Ibrahim El Sefy
Supervisor
I certify that I have read this study and that in my opinion it conforms to acceptable
standards of scholarly presentation and is fully adequate, in scope and quality, as a
thesis for the degree of Master of Islamic Revealed Knowledge and Heritage (Fiqh
and Usul al- Fiqh).
_________________________
Mohd Fuad Sawari
Examiner
This thesis was submitted to the Department of Fiqh and Usul al-Fiqh and is
acceptable as partial fulfillment of the requirement for the degree of Master of Islamic
Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh).

__________________________
Mek Wok Mahmud
Head Department of Fiqh and
Usul al-Fiqh
This thesis was submitted to the Kulliyah of Islamic Revealed Knowledge and Human
science and is acceptable as partial fulfillment of the requirements for the degree of
Master of Islamic Revealed Knowledge and Heritage (Fiqh and Usual al-Fiqh).

___________________________
Hazizan bin Md. Noon
Dean Kulliyah of Islamic Revealed
Knowledge and Human Sciences

DECLARATION

I hereby declare that this thesis is the result of my own investigations except where
otherwise stated. Other sources are acknowledged by footnotes giving explicit
references and a bibliography is appended.

Name: Mahmoud bin Mohamed Ali Mahmoud

Signature: ............................................

Date: .................................

2006

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