Works : Islamic Laws
2112. If a commodity is sold for cash, the buyer and seller can, after concluding the transaction, demand the commodity and money from each other and take possession of it. The possession of immovable things, like, house, land, etc. and the moveable things, like, carpets, dress etc. means that the original owner renounces all his right over them, and hands it over to the opposite party with full right of discretion over it. In practice, the mode of delivery may vary according to the situation.
2113. When something is sold on credit, the period should be fixed clearly. If, a commodity is sold with a condition that the seller would receive the price at the time of harvest, the transaction is void, because the period of credit has not been specified clearly.
2114. If a commodity is sold on credit, the seller cannot demand what he has to receive from the buyer before the stipulated period is over. However, if the buyer dies, and has some property of his own, the seller can claim the amount due to him from the heirs of the buyer, before the stipulated period is over.
2115. If a person sells a commodity on credit, he can demand the debt from the buyer after the expiry of the stipulated period. However, if the buyer cannot pay it, he should give him extension of time, or rescind the transaction, and take back the commodity, if it exists.
2116. If a person gives a quantity of some commodity on credit to a person who does not know its price, and the seller does not tell him its price, the transaction is void. However, if he gives it on credit to a person who knows its cash price, and charges a higher price - for example, if he tells him: "I shall charge ten cents per dollar more on the commodity, which I am giving to you on credit, as compared to what I charge against cash" - and the buyer accepts this condition, there is no harm in it.
2117. If a person sells a commodity on credit, and stipulates a period for receiving its price, and for example, after the passage of half of the stipulated period, he reduces his claim and takes the balance in cash, there is no harm in it.