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Natrure Of Baiy Money (Bayana/Non-refundable Advance)
In property transactions, traditionally in Pakistan, the buyer gets into agreement of purchase with an amount termed as ‘bayana’ or an advance for full future payment on a certain date, if the buyer cannot meet the deadline the seller keeps all the money, and often can be a large sum. It does not happen in the west, any deposit is kept in trust or with the Govt. What is the nature of such practice in Islam (to me it’s extortion), and also the nature of the money when the seller doesn’t return that bayana amount to the unsuccessful buyer.
Many thanks.
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1 Reply
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Natrure Of Baiy Money (Bayana/Non-refundable Advance)
updated 1 year, 7 months ago
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To bind people to fulfill their commitments, some measures are taken in every society. Bayana is of that sort. Otherwise, people may not take a deal seriously and can back off anytime claiming their money back. It may cause a loss to the seller. So there is ethically nothing wrong with this practice.
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