---
title: "What is Istijrar (supply sale with deferred price)? | IslamicOpenFinance™"
description: "A continuing supply arrangement in which goods are taken over time and priced or paid later, used in trade finance."
url: https://islamicopenfinance.com/glossary/istijrar/
lang: en-GB
source: "IslamicOpenFinance"
---

[Glossary](https://islamicopenfinance.com/glossary/) / [Sale-based contracts](https://islamicopenfinance.com/glossary/#sales)

Sale-based contracts

# Istijrar (supply sale with deferred price)

A continuing supply arrangement in which goods are taken over time and priced or paid later, used in trade finance.

Istijrar is a sale of supplies in which a buyer takes goods from a supplier over a period and the price is settled later. Bank Negara Malaysia's policy document on hajah and darurah lists the Shariah Advisory Council's ruling on the use of bay istijrar, described as a sale of supplies with deferred price, for Islamic trade finance among the rulings grounded on need. The Bank's Shariah contract framework paper also mentions istijrar among the exchange contracts its principle-based requirements can cover, so documentation of each drawdown and its price is what makes the arrangement auditable.

## Sources

- [Bank Negara Malaysia, Shariah Contract Framework discussion paper, 2024: exchange-based contracts including istijrar](https://www.bnm.gov.my/documents/20124/938039/dp-shariah-contract-nov24.pdf)

This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.

## Related terms

[**Bay al-muajjal (deferred-payment sale)** A sale in which the goods are delivered now and the price is paid later, in one sum or in instalments.](https://islamicopenfinance.com/glossary/bay-muajjal/) [**Murabaha** A sale at cost plus an agreed, disclosed profit; the seller must own the asset first. Payment is often deferred in instalments.](https://islamicopenfinance.com/glossary/murabaha/) [**Salam** A forward sale: the full price is paid at signing for precisely specified goods to be delivered later.](https://islamicopenfinance.com/glossary/salam/) [**Gharar** Excessive uncertainty in a contract, about the object, price, quantity or delivery, which can make the contract invalid.](https://islamicopenfinance.com/glossary/gharar/)

**Sale-based contracts**

1. [Murabaha](https://islamicopenfinance.com/glossary/murabaha/)
2. [Musawamah](https://islamicopenfinance.com/glossary/musawamah/)
3. [Bay al-muajjal (deferred-payment sale)](https://islamicopenfinance.com/glossary/bay-muajjal/)
4. [Salam](https://islamicopenfinance.com/glossary/salam/)
5. [Istisna](https://islamicopenfinance.com/glossary/istisna/)
6. [Tawarruq](https://islamicopenfinance.com/glossary/tawarruq/)
7. [Bay al-sarf (currency exchange)](https://islamicopenfinance.com/glossary/bay-al-sarf/)
8. [Murabaha to the purchase orderer](https://islamicopenfinance.com/glossary/murabaha-purchase-orderer/)

[All 221 terms](https://islamicopenfinance.com/glossary/)