The ruling on purchasing goods from a riba (usury or interest) bank and reselling them
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Question:
He says: Honorable Shaykh, may Allah grant you success. A man wanted a loan from a riba (usury or interest) bank, so they said, “We have a warehouse with air conditioners. Take them, and we will sell them to you on installment. Whether you take the goods with you, or if you wish, appoint us as your agents and we will sell them for you,” even though the third-party buyer is not the bank. What is the ruling on this transaction? What? A man wanted a loan from a riba (usury or interest) bank, so they said, “We have a warehouse with air conditioners. Take them, and we will sell them to you on installment. Whether you take the goods with you, or if you wish, appoint us as your agents and we will sell them for you,” even though the third party is not the bank. What is the ruling on this transaction?
Answer:
This is what is called *tawarruq* (a commodity sale used to obtain cash). Regarding the air conditioners, that is what is meant. Fine, he will buy air conditioners intending to engage in *tawarruq*. Since a third party has not yet emerged and he has not sold to this third party, if they actually have air conditioners and he buys them from them, it is not sufficient to simply appoint them as agents. Rather, he must take possession of them and move them from their location to his own location, and sell them to others in his location. He sells them to others and does not appoint them to sell them, nor does he leave them in their location. Yes. And this is because the buyer is not permitted to leave the goods in the seller’s location. Rather, he must take possession of them and receive them by moving them from their location to his own, and sell them to someone other than the one from whom he bought them. This is one aspect. The second aspect is that I fear the bank has set up these air conditioners as a front for people. Everyone who comes says, “Come, these are the air conditioners. Start the process and appoint us to sell them. Early tomorrow we will give you the value,” and the goods do not move from their place, neither going nor coming. Everyone who comes does it this way. This is not permissible, and they are not trustworthy or reliable in these matters.
He says: Honorable Shaykh, may Allah grant you success. A man wanted a loan from a riba (usury or interest) bank, so they said, “We have a warehouse with air conditioners. Take them, and we will sell them to you on installment. Whether you take the goods with you, or if you wish, appoint us as your agents and we will sell them for you,” even though the third-party buyer is not the bank. What is the ruling on this transaction? What? A man wanted a loan from a riba (usury or interest) bank, so they said, “We have a warehouse with air conditioners. Take them, and we will sell them to you on installment. Whether you take the goods with you, or if you wish, appoint us as your agents and we will sell them for you,” even though the third party is not the bank. What is the ruling on this transaction?
Answer:
This is what is called *tawarruq* (a commodity sale used to obtain cash). Regarding the air conditioners, that is what is meant. Fine, he will buy air conditioners intending to engage in *tawarruq*. Since a third party has not yet emerged and he has not sold to this third party, if they actually have air conditioners and he buys them from them, it is not sufficient to simply appoint them as agents. Rather, he must take possession of them and move them from their location to his own location, and sell them to others in his location. He sells them to others and does not appoint them to sell them, nor does he leave them in their location. Yes. And this is because the buyer is not permitted to leave the goods in the seller’s location. Rather, he must take possession of them and receive them by moving them from their location to his own, and sell them to someone other than the one from whom he bought them. This is one aspect. The second aspect is that I fear the bank has set up these air conditioners as a front for people. Everyone who comes says, “Come, these are the air conditioners. Start the process and appoint us to sell them. Early tomorrow we will give you the value,” and the goods do not move from their place, neither going nor coming. Everyone who comes does it this way. This is not permissible, and they are not trustworthy or reliable in these matters.
Source
المعاملة مع البنوك الربوية — alfawzan.live
The Arabic text is a machine transcription of the audio recording.