Murabaḥah is a term for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold, which covers the cost of what?
Murabaha Murabaḥah, murabaḥa or murâbaḥah (Arabic: مرابحة‎ ‎ , derived from "ribh" Arabic: ربح‎ ‎ , meaning profit) is a term of "fiqh" (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic (i.e. "shariah compliant") financing, where the price is marked-up in exchange for allowing the buyer to defer payment (a contract with deferred payment being known as "bai-muajjal"). "Murabaha" financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary (i.e. the lending bank) retaining ownership of the item being sold until the loan is paid in full. There are also Islamic investment funds and sukuk (Islamic bonds) that use "murabahah" contracts.
Bay'ah Bayʿah (Arabic: بَيْعَة‎ ‎ , literally a "sale" or a "commercial transaction"), in Islamic terminology, is an oath of allegiance to a leader. It is known to have been practiced by the Islamic prophet Muhammad. "Bayʿah" is sometimes taken under a written pact given on behalf of the subjects by leading members of the tribe with the understanding that as long as the leader abides by certain requirements towards his people, they are to maintain their allegiance to him. "Bayʿah" is still practiced in countries such as Saudi Arabia and Sudan. In Morocco, "bayʿah" is one of the foundations of the monarchy. In many Islamic traditions, the meaning is to dedicate oneself to a spiritual master, pir or sheikh in exchange for the spiritual knowledge he gives.