A type of sale (ba’i) that was introduced by the Zaydi school of though (mazhab) in which an agricultural land (or a productive asset) is sold at its market price or less, with the seller having the right to redeem the object of sale (by terminating the contract) within a specified period of time. In other words, this sale is embedded with an option (khiyar) which can be exercised by the seller by a specified date. If the option is not exercised, the sale will come into full effect (i.e., it becomes nafizh). From a shari’a perspective, this sale combined with an option is permissible unless the two parties use it as a ruse (hilah) to pay and receive riba.
Al-raja’ is an Arabic term that literally means hopeful expectation.
