Buying and Selling: Defining the Deferment Period in a Credit Transaction

Practical Laws of Islam as per the teachings of Ayatullah Sistani

Ruling 2115

In a credit transaction, the deferment period must be precisely defined. Therefore, if a person sells a commodity with the understanding that he would get the payment at the beginning of harvest, the transaction is invalid because the deferment period is not precisely defined.

-Ayatullah Sistani, Practical Laws of Islam, Buying and Selling