If I sell an item and put a reserve price of say R100 and the bidders bid R200, can I conclude the sale at R200? Likewise can I bid for an item and conclude the sale at a price higher than the reserve?
Answer:
It is permissible to buy and sell by means of an auction. That was also
practised by Rasulullah (Sallallaahu Alayhi Wasallam).
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai
FATWA DEPT.