Giving a sum of money in exchange for a car of the latest model after a period of time
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Fatwa number ( 18823 )
Q: A person asked me for a loan, so I gave him thirty thousand riyals in cash, or less or more, on the condition that he repay me the amount mentioned after one year with a car of the latest model. I note that if I gave him, for example, thirty thousand, the price of the car stipulated by both parties for repayment would be around forty thousand riyals. We ask for your answer. May Allah reward you with good.
A: What is mentioned in the question is not a loan, but rather a forward sale (salam), which requires
what is required in a forward sale, including the delivery of the entire capital in the session of the contract, that the car in which the sale is made is known in its descriptions, and that the term is known; due to the saying of the Prophet (peace and blessings be upon him):Mishkat al-Masabih 2883 meaning: known in its descriptions, quantity, and term. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: A person asked me for a loan, so I gave him thirty thousand riyals in cash, or less or more, on the condition that he repay me the amount mentioned after one year with a car of the latest model. I note that if I gave him, for example, thirty thousand, the price of the car stipulated by both parties for repayment would be around forty thousand riyals. We ask for your answer. May Allah reward you with good.
A: What is mentioned in the question is not a loan, but rather a forward sale (salam), which requires
what is required in a forward sale, including the delivery of the entire capital in the session of the contract, that the car in which the sale is made is known in its descriptions, and that the term is known; due to the saying of the Prophet (peace and blessings be upon him):
Those who pay in advance for anything must do so for a specified measure and weight with a specified time fixed.
من أسلف في شيء فليسلف في كيل معلوم، ووزن معلوم، إلى أجل معلوم
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.