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Resolutions of Iftaa' Board

Resolution No.(56): “Ruling on Reducing the Profits Due on the Purchaser (In Islamic Murabaha) Against His Settling of Payments Ahead of their Due Time, or Vice Versa“

Date Added : 02-11-2015

 

Resolution No.(56): “Ruling on Reducing the Profits Due on the Purchaser (In Islamic Murabaha) Against His Settling of Payments Ahead of their Due Time, or Vice Versa“

Date: 22/9/1422 AH corresponding to 7/11/2001 AD.

 

The Board recieved the following question:

What is the ruling of Islamic Sharia on reducing the profits due on the purchaser for the Orphans` Fund Development Foundation against paying them ahead of time, or increasing them in case of delay?

Answer: All success is due to Allah.

Reducing the profits due on the purchaser (in case he settled all the payments due on him before the due time of the last one) isn`t permissible because the transaction/sale had been settled and the price of the commodity became due on him; therefore, it is impermissible to reduce any percentage of the profit in return for settling all the payments before the due date of the last one.

Similarly, the Board is of the view that it is impermissible to add any percentage to the profits due on purchasers (in Murabaha) against their procrastination in settling payments as this is considered a usurious interest.

The Foundation may-in case of extreme insolvency- defer the payments due on these purchasers as it deems suitable, and without adding any percentage to the profit due on them for Allah Says in the Noble Quran {what means}: “If the debtor is in a difficulty, grant him time Till it is easy for him to repay. But if ye remit it by way of charity, that is best for you if ye only knew. “ {Al-Baqarah/280}. And Allah Knows Best.

Iftaa` Board
Chairman of the Iftaa` Board, Chief Justice, Izz Al-Deen Al-Tamimi
                   Dr. Mohammad Abu Yahia       
                    Dr. Abdulsalam Al-Abbadi         
    Dr. Yousef Gheezaan
Dr. Wasif Al-Bakhri
   Sheikh Saeid Hijjawi
        Sheikh Na`eim Mojahid

 

1) For further details in this regard, kindly refer to RES No. (61)

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Summarized Fatawaa

Is buying and storing gold bars for profit permissible or prohibited?

Buying and storing gold bars for profit is permissible, and there is no harm in it. And Allah The Almighty Knows Best.

What is the difference between Tahajjud prayer and night prayer, and do they have a particular Witr prayer other than that of Isha (evening prayer)?

Tahajjud and Qiyam-Al-Lail (night prayer) are two words for the same meaning which is offering voluntary prayer at night after sunset, but before dawn break. However, Tahajjud is offered after waking up; whereas, Qiyam-Al-Lail is permissible before sleeping, or after it. Therefore, every Tahajjud is a Qiyam, but not every Qiyam is a Tahajjud. Moreover, there is no specified Witr for both of them, but Witr after Isha is by itself the Witr of Qiyam, and it is a Sunnah to postpone it until after Qiyam if the worshiper thought that he was most probably going to wake up in order to offer it, but if he wasn`t sure of waking up, then he is at liberty to offer it before going to bed as was reported in the Prophet`s Hadith.

My father passed away, and he had life insurance with "Alico" for an amount of 12,500 dinars. He had paid premiums totaling 2,000 dinars. The insurance company paid us the insured amount. Should we take it, or is it considered forbidden (haram) money? And what should we do with it if it is forbidden?

You may take the amount your father paid to the company. The remaining amount is not yours. However, if you must take it, then accept it and donate it to the poor. And Allah Knows Best.

Is it permissible for a woman who broke fasting due to a delivery to pay a ransom?

She should make up for the missed fasting days once she becomes ritually pure, but it is impermissible for her to pay a ransom while being able to fast.

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