Resolution No.(61): "Dropping an Amount of Postponed Sale in return for Hasting in Payment"
Date: 7/5/1432 AH, corresponding to 18/7/2002
The Board received the following question:
What is the ruling of Sharia on dropping an amount of the postponed sale for hasting in paying the bank?
Answer: All the success is due to Allah
The Board is of the view that it is permissible for the bank to drop an amount of the due price of the Murabah in return for the postponed sale for the (asker) as it sees fit provided that it isn`t a regular procedure that it follows with every client, or was initially conditioned in the Murabaha contract, in order to avoid Riba (usury and interest). This is based on the opinion of the jurists who differentiate between a loan and a sale transaction: it is impermissible to drop the due amount of the loan for hasting in paying it.
However, it is permissible to drop the due amount of postponed sale for hasting in paying it as indicated by the later Hanafite jurists such as Abu Asso`ud Afandi and Ibn Abdeen. And Allah Knows Best. Note: kindly refer to resolution no. (56).
Chairman of the Iftaa` Board, Chief Justice, Izz Aldeen Attamimi
Dr. Wasif Al-Bakhri
Dr. Abdulsalam Al-Abbadi
Dr. Yousef Ghizaan
Sheikhb Sa`id Hijjawi
Sheikh Na`iem Mujahid
Sheikh Mahmood Shwayat