Islam allows the parties the freedom to exchange or sell and purchase their properties and services. It only stipulates that people should not take each other's property in an unfair (batil) way. Fairness is a dominant issue in exchange/sale of properties. Unfair (batil) ways include usury, gambling, ambiguities in agreements that can be exploited by the parties, fraud, false measurement, bribery, and theft. The Qur'an commands that properties should be exchanged through trade (tijarah) and with mutual consent (tarad). The Arabic word for sale is Bay’, which literally means exchange (mubadalah) and applies to both sale and purchase. Sale can be defined as an exchange of a property for another or as acquisition of ownership over a property in return for a consideration or compensation (‘iwad). Sale (Bay’) is the most extensively used contract in the market. The effect of a sale contract is to transfer the ownership of the sold property from the seller to the purchaser and the ownership of the price from the purchaser to the seller. The significance of a sale contract could be understood from the fact that, unlike other contracts, the Qur'an specifically refers to it.
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