What is the ruling on one who takes shares from a bank for a certain value on the condition that he returns them in installments for a higher value?
Machine translationRead the Arabic original
The questioner:
He says: Honorable Shaykh, may Allah grant you success. The questioner says: I went to one of the banks, and the bank said: We give you shares for thirty-three thousand
The Shaykh:
Shall I summarize the question?
The questioner:
He says: I went to one of the banks, and the bank said to me: We give you shares for thirty-three thousand riyals, and you return them to us in installments for forty-three thousand riyals. Is this permissible, knowing that the bank told me: We will pay for you one thousand five hundred riyals in cash?
The Shaykh:
No, there is a distinction here. If the bank gives you an existing commodity, an existing commodity, and says its spot price is such-and-such and its deferred price is such-and-such, which is higher, there is no harm in that, because a deferred sale is not like a spot sale. But if it sells you something unknown, and unknown shares, you do not know where they come from, or what is in the shares, the shares are unknown, my brother, selling the unknown is not valid. Selling the unknown is not valid. Or if it says: We will pay for you, and you return to us more than what we paid, that is riba (usury or interest). We pay for you, that is a loan; you return to them more, that is riba, the riba of a loan. Yes.
He says: Honorable Shaykh, may Allah grant you success. The questioner says: I went to one of the banks, and the bank said: We give you shares for thirty-three thousand
The Shaykh:
Shall I summarize the question?
The questioner:
He says: I went to one of the banks, and the bank said to me: We give you shares for thirty-three thousand riyals, and you return them to us in installments for forty-three thousand riyals. Is this permissible, knowing that the bank told me: We will pay for you one thousand five hundred riyals in cash?
The Shaykh:
No, there is a distinction here. If the bank gives you an existing commodity, an existing commodity, and says its spot price is such-and-such and its deferred price is such-and-such, which is higher, there is no harm in that, because a deferred sale is not like a spot sale. But if it sells you something unknown, and unknown shares, you do not know where they come from, or what is in the shares, the shares are unknown, my brother, selling the unknown is not valid. Selling the unknown is not valid. Or if it says: We will pay for you, and you return to us more than what we paid, that is riba (usury or interest). We pay for you, that is a loan; you return to them more, that is riba, the riba of a loan. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم من أخذ أسهمًا من البنك بقيمة معينة على أن يردّها تقسيطًا بقيمة أعلى؟ للشيخ صالح الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.