This dissertation begins the discussion by referring to Verse 278 of Surat al-Baqarah to distinguish it from the ribawi system. Allah swt said: "Allah has permitted al-bay' and prohibited al-riba." The findings suggest that al-bay' in this verse refers to a system. Al-bay' as a mutual exchange in which one bundle of property rights is exchanged for another allows both parties to share production and transportation. Al-bay' or exchange has surrounding rules that construct the system. The outcome of this system can claim that it is through its rules which govern just exchange, distribution ...