IslamQA

Buying back an item at a lower price

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I’m in the business of buying and selling car mags. A few months back I’ve sold a set of 2 rims to someone for R1800. A couple of months later I get a call from the same person asking if I want to buy this same rims back because he has no use for them to which I replied yes, I made him an offer of R1200 and purchased them back. Is this considered as ribaa and if so what could I do about it as I’ve used the money already? 

Bismillaah

A: This is permissible.

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

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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