Q: Zaid went to China to buy goods for 1 million. On reaching there, Zaid found out that the goods with the freight would cost 1.2 millions. Amr is ready to help him with the 0.2 million. Amr would like to know how he can join the business of Zaid so that he also can get some profits. He was told that he can’t do mudaaraba as the transaction was already initiated.
What “aqd” can he do in this case? Shirkat? If so, are there any conditions attached to it for the aqd to be correct?
A: They can do shirkat. Amr will need to buy a portion of the goods from Zaid for an agreed price and thereafter they will pay for the freight costs in proportion to their ownership of the goods.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)