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Thursday, September 22, 2011

Bai Bithaman Ajil (BBA), (Deferred Payment Sale)

Definition
  • It refers to the manner of payment – deferred payment sale. Also known as Bai Muajjal or Bai Taqsit.
  • Technically, it is a sale of commodity on deferred payment basis whether on the basis of lump sum or instalments. It applies to both musawamah and murabahah sales.
Modus Operandi

  • Customer identifies the asset to be acquired, and purchase the asset by signing the S&P Agreement with the Vendor.
  • The Bank then purchases the asset from Customer at RM90,000 (Bank's Purchase Price)
  • Bank subsequently sells back the asset to the Customer at RM90,000 plus profit margin of RM30,000 (Bank's Selling Price = RM120,000)
  • The customer pays the RM120,000 by instalments based on the agreed period
Checklist 

Essential Elements 
  • Buyer
  • Seller
  • Object of Contract / Merchandise
  • Price
  • Contract of Offer and Acceptance (Aqad)
Necessary Conditions 


Buyer & Seller
  • Capable of accepting responsibilities
  • Of sound mind.
  • Attains the age of puberty* (matured).
  • Intelligent.
  • Not restricted from dealing in business transactions
-Not a bankrupt.
-Not a "safih" (an extremely extravagant person)
  • Not being forced to enter into a contract    
Object of Contract / Merchandise
  • Must be in existence at the time of sale.
  • The seller must own the object of sale and it is in his/her possession when the transaction takes place.
  • The object of sale must be a property of value and of pure substance (halal).
  • The delivery of the object of sale must be certain and is not by chance.
  • The object of sale is known to the seller and buyer.
Price
  • The price must be made known to the buyer and the type of currency is specified.
  • The price must be determined and agreed by both parties.
  • A deferred payment sale is allowable provided that:
-The tenor or period of payment is specified.
-The tenor would be effective from the date the object/merchandise is delivered to the buyer.


      Contract of Offer and Acceptance (Aqad) 
  • In definite and decisive language.
  • Acceptance must be consistent with the offer made by the seller.
  • Offer and acceptance must be made at the one and the same meeting.

Application
  • Financing a customer to purchase commodities:- houses, shop houses, land, motor vehicles, consumer goods, shares, education packages and other asset-based financing activities.
  • Refinancing of assets for the purpose of redemption, construction, renovation, project financing, bridging facilities, end-financing, contract financing etc.
  • BBA Securitisation.
Sources: Sources:  Islamic Banking Handbook, First Edition April 2010, Institut Bank-Bank Malaysia,pp. 61-62.

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