A type of sale (ba’i) in which a lender sells a commodity to a borrower for more than its market price, or a borrower sells a commodity to a lender for lower than its market price. The implicit objective of the parties is a disguised benefit (excess amount) from the underlying loan. In other words, it appears to be valid, but actually involves a ruse (hilah) to pay and receive riba. This sale has other names, according to different schools of thought, including ba’i al-thunya, ba’i al-uhdah, ba’i al-amanah, and ba’i al-wafa. The majority of fuqaha (jumhur) consider the sale invalid, while the Hanafi school of thought held varying opinions (permissible, nonrecommended, and impermissible) as to validity.

Bay’ al-muamalah is Arabic for ostensible sale.