In our country the ISLAMI banks cant fulfill shriah properly as far I know, but I talked to one bank for buying a product (suppose a Fridger). They said they wont give me the money to buy it, they will but it than they will sell it to me. Suppose the original price is 50 thousands, they sell it to me in 60 thousands . then I will give them the money to 6 instalment of each 10 thousands.it seems to me jaez. am I right?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The transaction you refer to is a Murabahah transaction. This transaction will be permissible if it fulfills the following conditions:
- The item of sale must be existing at the time of sale.
- The item of sale must be in the ownership of the seller at the time of sale.
- The item of sale must be in the physical or constructive possession of the seller when he sells it to another person/you. “Constructive possession” means a situation where the possessor has not taken the physical delivery of the commodity, yet the commodity has come into his control, and all the rights and liabilities of the commodity are passed on to him, including the risk of its destruction. [1]
Accordingly, if the Islamic Bank purchases the fridge for 50,000 cash[2], takes possession of it, and then sells it to you for 60,000 at mutually agreed installments, the transaction will be correct and valid.
And Allah Ta’āla Knows Best
AbdulMannan Nizami
Student Darul Iftaa
Chicago, IL, USA
Checked and Approved by,
Mufti Ebrahim Desai.
[1] An introduction to Islamic Finance p, 97, 106
(المرابحة: نقل ما ملكه بالعقد الأول بالثمن الأول مع زيادة ربح) ش: هذا تعريف المرابحة
[البناية شرح الهداية، ج۸، ص۲۳۱، دار الکتاب العلیمة]
[2] وَإِذا اشْترى الرجل بيعا نَسِيئَة فَلَيْسَ لَهُ أَن يَبِيعهُ مُرَابحَة حَتَّى يبين لَهُ أَنه اشْتَرَاهُ نَسِيئَة فَإِن بَاعه مُرَابحَة وكتم ذَلِك فَالْمُشْتَرِي بِالْخِيَارِ إِذا اطلع على ذَلِك إِن شَاءَ رده وَأخذ مَاله وَإِن شَاءَ أجَاز البيع
فَإِن كَانَ المُشْتَرِي قد اسْتهْلك البيع أَو قد اسْتهْلك بعضه فَالْبيع لَازم لَهُ جَائِز عَلَيْهِ وَلَيْسَ لَهُ أَن يرد مَا بَقِي مِنْهُ بذلك وَلَا يرجع فِي شَيْء من الثّمن
[الأصل المعروف بالمبسوط للشيباني، باب الرابحة، ج۵، ص۱۵۵، ادارة القران]