Assalam o Alaikum Mufti Sahab, I want to buy a plot from a plotting scheme i.e. provides installments. The total price of plot is 150,000 Rupees and advance is 15000 then 30 months schedule. There is not penalty charges. But no confirmation of re-pricing. Is is permissible to buy or not? Please give me the answer ASAP… Jazak Allah Khair.
Answer:
(Fatwa: 1299/1099=B/1429)
If there is no exchange of interest in this transaction then there is no wrong in purchasing it on instalments, but the price should be fixed.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband