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Purchasing on Credit

Answered as per Hanafi Fiqh by Mahmoodiyah

Question:

ASSALAMUALAIKUM
 
I WOULD LIKE TO KNOW THE ANSWER OF THE FOLLOWING QUESTION
 
1:-CAN I BUY FURNITURE, CLOTHES OR CELL PHONE ON CREDIT BASE EXAMPLE CASH PRICE IS 2600/- BUT ON CREDIT 300/- DEPOSIT AND 18 X 150/- PER MONTH. IF NO THEN WHAT ABOUT THAT IF I SELL A THING ON CASH IS 20/- BUT ON CREDIT I CHARGE 20% MORE ON CASH PRICE?


Answer:

 

                  

 

Differentiating between the cash and the credit price in transactions is of two methods:

 

1.      First method is that the seller places the two prices i.e. cash and the credit price before the buyer and leaves him/her to choose between the two and both the parties depart without agreeing on one of two transactions.  For example the seller says that if you pay cash then the price of this item is 20 Rands and on credit is 30 Rands.  This method is not permissible.

2.      The second method is before making mention of the two prices; the type of transaction which the buyer wishes to enact should first be specified and agreed upon, either the credit or the cash transaction.  If the buyer says that he wishes to enact a cash transaction then the price of the item should be forwarded accordingly (i.e. 20 Rands).  If he wishes to enact a credit transaction then the price of that particular transaction should be forwarded as 30 Rands.  This method is correct.  (Imdaadul Fataawaa Vol. 3, page 20, Fataawaa Rahimiyyah Vol. 9, page 252-255, Fataawaa Darul Uloom Vol. 2 (Imdaadul Mufteen) page 860, Imdaadul Ahkaam Vol. 3, page 356, Fataawaa Rashidiyyah, page 479)

 

 

And Allah Ta’ala knows best

Qasim bin Hashim Limbada

Attested to as correct by:

Mufti Muhammad Ashraf

Darul Iftaa

Jameah Mahmoodiyah

Springs

22 July 2004

04 Jumaadul Ukhraa 1425

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