What is the ruling on murabahah sales, which are the transactions conducted by banks that call themselves Islamic?
Machine translationRead the Arabic original
The questioner : I mean, Shaykh, is this what is meant by the permissibility of murabahah sales in the banks now that are called Islamic? I mean, does this include installment sales?
The Shaykh : No, that is a second type of transaction.
The questioner : A car is sold for six thousand, and they make it seven thousand on installments?
The Shaykh : If the increase they take is in exchange for patience, that is the same. But if they take it as a commission.
The questioner : No, not a commission. The car pleased you, so we buy it for you at the price the owner wants to sell it for, which is five thousand, and then he gives it to you and registers it in your name for six thousand?
The Shaykh : It is the same one.
The questioner : And you pay it off over one year, or one and a half years?
The Shaykh : It is the same one.
Another questioner : Then there is another way. We have a neighbor, what is his value? He needs money, so he comes and gives you a check for one hundred dinars—for example—for two months later. So he says to you: Give me... he deals with everyone this way.
The Shaykh: Allah is the Greatest!
The questioner : He gives you the check for one hundred dinars for two months later, and he says to you: Give me seventy, sixty, whatever you give me, forty.
The Shaykh : I mean, he intends this?
The questioner: Yes.
...
The Shaykh : No, that is a second type of transaction.
The questioner : A car is sold for six thousand, and they make it seven thousand on installments?
The Shaykh : If the increase they take is in exchange for patience, that is the same. But if they take it as a commission.
The questioner : No, not a commission. The car pleased you, so we buy it for you at the price the owner wants to sell it for, which is five thousand, and then he gives it to you and registers it in your name for six thousand?
The Shaykh : It is the same one.
The questioner : And you pay it off over one year, or one and a half years?
The Shaykh : It is the same one.
Another questioner : Then there is another way. We have a neighbor, what is his value? He needs money, so he comes and gives you a check for one hundred dinars—for example—for two months later. So he says to you: Give me... he deals with everyone this way.
The Shaykh: Allah is the Greatest!
The questioner : He gives you the check for one hundred dinars for two months later, and he says to you: Give me seventy, sixty, whatever you give me, forty.
The Shaykh : I mean, he intends this?
The questioner: Yes.
...
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.