The Subject of Khiyar Al-naqd (The right given to both the seller and the Customer to Carry out the Contract or to cancel it ), within a period of time is one of the important subjects in current financial transactions. This is quite clear when we know that Islamic banks need it and depend on it in their economic activities. This research treats the reality of (Khiyar Al-naqd), the views of jurists on this subject, the conditions of its application in contracts, its effect on contracts, and finally how it can assists in the transactions of Islamic banks transactions. This study has demonstrated that (Khiyar Al-naqd) is a right which can be justified by laying down some conditions to be applied to both parties or to one of them, which permits the parties to carry out the contract or to cancel it if the price is not paid within a certain period of time. Therefore, this right or option can contribute in solving many problems confronting Islamic banks, such as the customer's delays in paying the whole price or the first installment of it .

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