Comments on Kakakhel’s paper ‘Bai‘ Mu’ajjal and Bai‘ Murabaha’
Presented to the Seminar‘ on Islamic Financial Techniques organised by I.I.I.E., Islamabad. Argues that the difference in cash price and credit price of a good is lawful. Holds that the above position is not covered by bai" ‘inah, bai‘ al—wafa', tawarruq, near-riba, muzabana, rebate for time and other hiyalf. Misses the essential point that riba is justified due to a positive time preference and if we accede to it, there would be no way that we can argue for prohibition of riba. A well documented paper. Based on primary sources. For jurists. Difficult for economists.