Bai‘ al-kali bil kali

Definition of "Bai‘ al-kali bil kali"

Lit: Postponement or delay in the payment of a debt. Tech: A type of credit sales in which on due date, the debtor seeks extension with the promise to pay something in addition to the original price. In fact, the amount of debt is sold to the debtor for some profit. Example: A person buys something on credit for a certain period and when the period of payment comes and he does not have enough to pay, he says to the creditor: ‘Sell your debt to me on credit for a further period. I shall add such and such amount to it’. On this, the creditor sells the original debt to the same debtor for a higher p