Purchasing a deferred promissory note
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Fatwa No. ( 5348 )
Q: I inform you that I purchased a promissory note from a man named (M. M. Y), bearing a deferred amount of 700,000 riyals, for a cash amount of 300,000 riyals. My knowledge of the matter indicates that this is riba or forbidden. I ask you, may Allah reward you, to issue a ruling for me and my colleague, and to command us to do what is right and forbid us from what is wrong. I told my colleague: "This is permissible according to what I have heard," but he refused. Note that I have not yet received the deferred amount.
A: It is not permissible to purchase the aforementioned promissory note, which bears a deferred amount of 700,000 (seven hundred thousand) riyals, for a cash amount of 300,000 (three hundred thousand) riyals; because this is riba, and it is forbidden. Allah the Exalted said:[Al-Baqarah 2:278-279]
And it is established in the authentic hadith that the Prophet (peace and blessings be upon him)Sahih Muslim 1598 .
Q: I inform you that I purchased a promissory note from a man named (M. M. Y), bearing a deferred amount of 700,000 riyals, for a cash amount of 300,000 riyals. My knowledge of the matter indicates that this is riba or forbidden. I ask you, may Allah reward you, to issue a ruling for me and my colleague, and to command us to do what is right and forbid us from what is wrong. I told my colleague: "This is permissible according to what I have heard," but he refused. Note that I have not yet received the deferred amount.
A: It is not permissible to purchase the aforementioned promissory note, which bears a deferred amount of 700,000 (seven hundred thousand) riyals, for a cash amount of 300,000 (three hundred thousand) riyals; because this is riba, and it is forbidden. Allah the Exalted said:
(278) O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. (279) And if you do not, then be informed of a war [against you] from Allah and His
يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا إِنْ كُنْتُمْ مُؤْمِنِينَ (278) فَإِنْ لَمْ تَفْعَلُوا فَأْذَنُوا بِحَرْبٍ مِنَ اللَّهِ وَرَسُولِهِAnd it is established in the authentic hadith that the Prophet (peace and blessings be upon him)
cursed the accepter of interest and its payer, and one who records it, and the two witnesses, and he said: They are all equal.
لعن آكل الربا وموكله وكاتبه وشاهديه، وقال: هم سواء
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.