The increase charged to the buyer for delaying payment
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The first question of Fatwa No. ( 18048 )
Q1: My father sold camels for a price of 6,000 Egyptian pounds over a period of one year, and he stipulated that the buyer should add 3,000 Egyptian pounds to the price after one year. My father passed away before receiving this money. Is this action considered riba? And if it is riba, are we entitled to take this increase or not?
A1: If the matter is as described, then the 3,000 stipulated to be paid by the buyer if he does not settle the debt within one year is considered riba, and it is not permissible to take it.
Q1: My father sold camels for a price of 6,000 Egyptian pounds over a period of one year, and he stipulated that the buyer should add 3,000 Egyptian pounds to the price after one year. My father passed away before receiving this money. Is this action considered riba? And if it is riba, are we entitled to take this increase or not?
A1: If the matter is as described, then the 3,000 stipulated to be paid by the buyer if he does not settle the debt within one year is considered riba, and it is not permissible to take it.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.