What is the ruling on holding shares in a cooperative that sells what it does not own?

Question:
He says: I am a member of a profit-sharing cooperative in which I own shares, and the cooperative sells what it does not own. For example, a buyer comes and wants to purchase a refrigerator, so the cooperative buys the refrigerator from the market and sells it to him on installments, adding to the price. Is that permissible?

Answer:
It is not permissible for anyone to sell something unless he owns it. As for selling it before owning it and then going to buy it, that is not permissible. This is based on an authentic hadith from Hakim ibn Hizam (may Allah be pleased with him), who said: I asked the Prophet (peace and blessings be upon him) about a man who comes to me asking to buy something I do not have, so I go and buy it from the market. He said (peace and blessings be upon him): If you want to sell to people for cash or on credit, have the goods present in your shop, and sell to whoever comes to you. Yes.