A form of sale (bay’) which, according to the Hanafi school of thought comes into effect immediately, i.e., it is neither made conditional upon future events nor assigned to a future date. However, according to the Maliki school of thought, it is a sale completed at the same time the contract is entered into. In their opinion, this sale is the opposite of a sale with termination option.

Bay’ munajjaz is an Arabic term that translates as immediately effective sale or unconditional sale.