The ruling on purchasing goods on credit with an increase in the price
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Question:
This is a letter that reached us from Turkey from the one named 'Umar. He says in his letter: The Master, Glorified and Exalted is He, said:[Al-Baqarah 2:275] to the end of the verse. Then he cited the hadith of Ibn Mas'ud (may Allah be pleased with him): Sahih Muslim 1597 It was narrated by Muslim, and al-Tirmidhi and others added to it, and its witnesses and its scribe. He asks and says: We take a car, or wheat, or barley, or lentils, or something else from the bank with an increase in the price. Is this permissible for us or not? Please inform us; may Allah reward you.
Answer:
This is something other than riba (usury or interest). The increase occurs when one buys a car or the like from the bank or from merchants at a deferred price that is higher than the spot price. There is no harm in this. This is a sale on credit, and the majority of the scholars hold that there is no harm in it, which is like a consensus among them. So if you buy a car from the bank or from a certain merchant, and its value is ten thousand cash, and you buy it for eleven thousand or more on a known credit term, there is no harm. Or if you buy corn, wheat, or rice, and its value is one thousand, and you buy it on credit for two thousand or more, there is no harm in this, whether from the bank or from other than the bank. Yes. May Allah reward you.
This is a letter that reached us from Turkey from the one named 'Umar. He says in his letter: The Master, Glorified and Exalted is He, said:
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity
الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّAllah's Messenger (ﷺ) cursed the one who accepted interest and the one who paid it
لعن رسول الله صلى الله عليه وسلم آكل الربا وموكلهAnswer:
This is something other than riba (usury or interest). The increase occurs when one buys a car or the like from the bank or from merchants at a deferred price that is higher than the spot price. There is no harm in this. This is a sale on credit, and the majority of the scholars hold that there is no harm in it, which is like a consensus among them. So if you buy a car from the bank or from a certain merchant, and its value is ten thousand cash, and you buy it for eleven thousand or more on a known credit term, there is no harm. Or if you buy corn, wheat, or rice, and its value is one thousand, and you buy it on credit for two thousand or more, there is no harm in this, whether from the bank or from other than the bank. Yes. May Allah reward you.
Source
قناة «فضيلة الشيخ ابن باز Alsheikh Binbaz»، 1943 - حكم شراء السلعة إلى أجل بزيادة في الثمن - نور على الدرب — youtube.com
The Arabic text is a machine transcription of the audio recording.