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Ruling on Purchasing Items in Installments

Financial Transactions,Buying and Selling,Ruling on Purchasing Items in Installments

Fatwa No :
82208
| Date :
0000-00-00

Fatwa No : 82208
Ruling on Purchasing Items in Installments
معاملات / مالی معاوضات / خرید و فروخت

Ruling on Purchasing Items in Installments

What do the esteemed scholars and honorable Muftis say regarding this issue: if an item is purchased on installments, what is its ruling? Also, please mention the conditions related to it.

الجوابُ حامِدا ًو مُصلیِّا ً

The following are some conditions which, if observed, make installment-based transactions Islamically permissible and valid:
(1) Firstly, at the time of the contract, it must be clearly decided whether the sale is to be made on a cash or credit basis.
(2) After specifying the total price, the total number of installments and the amount of each installment must also be clearly determined.
(3) If, for any reason, the payment of any installment is delayed, no penalty or extra charge should be imposed; otherwise, the contract will not remain valid.

مأخَذُ الفَتوی

ففي المبسوط للسرخسي: وإذا عقد العقد على أنه إلى أجل كذا بكذا وبالنقد بكذا أو قال إلى شهر بكذا أو إلى شهرين بكذا فهو فاسد؛ لأنه لم يعاطه على ثمن معلوم ولنهي النبي - صلى الله عليه وسلم - عن شرطين في بيع وهذا هو تفسير الشرطين في بيع ومطلق النهي يوجب الفساد في العقود الشرعية وهذا إذا افترقا على هذا فإن كان يتراضيان بينهما ولم يتفرقا حتى قاطعه على ثمن معلوم، وأتما العقد عليه فهو جائز؛ لأنهما ما افترقا إلا بعد تمام شرط صحة العقد اھ (13/ 8)-

And Allah knows best
Darulifta Jamia Binoria Aalamia

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