ِِAsalaam-0-alaikum I have a tenant who wants to buy the property. I told the agent that the tenant can stay on the property and keep paying me instalments for 15 years and the property becomes his I will give him the transfer immediately but register a bond for balance owing. How do I handle it the Shari’ah way.
Please advice
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
According to our understanding, you wish to sell your property to your tenant. In order to make the sale Shariah compliant, you must keep the following in mind:
- The price of the property must be clearly specified.
- The duration of the installments and the amount forwarded in each installment must be specified.
- The sale must be unconditional.[1]
In principle, registering a bond is impermissible. The information regarding the bond you wish to register is unclear. In order for a ruling to be issued, please elaborate on the bond you wish to register.
If you have any further queries please feel free to contact the Darul Iftaa.
And Allah Ta’āla Knows Best
Mawlana Faraz Ibn Adam,
UK
Checked and Approved by,
Mufti Ebrahim Desai.
www.daruliftaa.net