Ref no: 0118#
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Date: Sunday, May 15, 2011 |
Category
Money Matters
Title
As per my understanding an Islamic Bank buys a
Product
Question
As per my understanding an Islamic Bank buys a
product, retains its ownership, sells it to the
prospective buyer at a higher price and once this
price is reached by way of mutually agreed installment
and period, it transfers the ownership.
I would like to know whether I can do the same thing
at personal level?
I have money lying inbank, since I don’t take
interest, alhamdolillah, the money loses its value due
to inflation. I have to invest this money. What
alternative I have except buy real estate! I am not
much interested in this business as I have seen
several muttakeen goind down the devils’ way.
Answer
Muhtaram / Muhtaramah
In the Name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.
Your understanding is correct. This can also be done in a person’s personal capacity. However, the following should be remembered:
1. The prospective buyer is not bound to buy the product.
2. One has to take possession of the item before reselling it.
And Allah knows best
Darul Iftaa
Madrasah Inaa’miyya
· The Sharée ruling herein given is specifically based on the question posed and should be read in conjunction with the question.
· The Darul Ifta bears no responsibility to any party who may or may not act on this answer. The Darul Ifta being hereby exempted from loss or damage howsoever caused.
· This answer may not be used as evidence in any Court of Law without prior written consent of the Darul Ifta.
