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Different cash and credit price

Answered according to Hanafi Fiqh by Muftionline.co.za
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Q: The matter is that I have bought a bike. The original price of the bike is almost 40,000 rupees. But I have bought this bike on installments. So, I have paid 24,000 rupees in advance to owner of the shop and remaining 24,000 rupees I have to pay in installments of 8 months with monthly amount of installment is 3000. So, basic thing I want to ask Is this thing came into the radar of Interest according to teachings of Islam or not? I am looking forward for your detailed answer anxiously with complete proof according to teachings of Islam. I shall be very thankful to you.

Bismillaah

A: He has the right to charge the price of his choice.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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