Tay al-Arz
Tay al-arz is a Arabic term which means “delay of payment” or “credit.” It is an Islamic finance concept that refers to a type of loan which is provided when a person needs to buy something but cannot pay for it right away. Instead of paying for the item immediately, the buyer can delay the payment and pay for it later.
It's like when your mom buys you a toy but you don't have enough money to pay her back right away, so she lets you buy it on credit and pay her back later.
Tay al-arz is an important concept in Islamic finance because it allows people to buy things they need without having to worry about immediate payment. It also helps people who may not have the money right away but will be able to pay back the loan at a later time.
However, it is important to note that tay al-arz should be used responsibly and only for necessary purchases. It is also important to keep track of payments and make sure to pay back the loan on time to avoid any issues in the future.
It's like when your mom buys you a toy but you don't have enough money to pay her back right away, so she lets you buy it on credit and pay her back later.
Tay al-arz is an important concept in Islamic finance because it allows people to buy things they need without having to worry about immediate payment. It also helps people who may not have the money right away but will be able to pay back the loan at a later time.
However, it is important to note that tay al-arz should be used responsibly and only for necessary purchases. It is also important to keep track of payments and make sure to pay back the loan on time to avoid any issues in the future.