Ruling on selling dirhams for dirhams with an excess
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A person has the right to borrow from the government development bank, but the loan may be delayed. So he goes to the bank and takes an amount less than the value of the loan, and the bank refers him to the government to take the full loan. Then he pays this full amount to the government. What is the ruling on this?
This is not permissible. It is not permissible for the bank to buy the dirhams that are with the government for present dirhams. The scenario is that a person has a name registered with the government in the Real Estate Development Fund, and the lending of this amount is delayed. So the person comes to the bank and says, "This is my name with the government; they have approved the loan. So give me now such and such amount of dirhams, less than what the government gives, and I will refer you to the government." And the bank does this.So we say: This is not permissible; because it is selling dirhams for dirhams with an excess, and selling what one does not own; because the person does not own what is with the government; because the government may give it to him or may not give it to him. And there is also ambiguity in it. So this transaction is a forbidden transaction, and it is obligatory for the person, if he submitted to the bank and his name was registered, to wait until Allah makes the matter easy.
This is not permissible. It is not permissible for the bank to buy the dirhams that are with the government for present dirhams. The scenario is that a person has a name registered with the government in the Real Estate Development Fund, and the lending of this amount is delayed. So the person comes to the bank and says, "This is my name with the government; they have approved the loan. So give me now such and such amount of dirhams, less than what the government gives, and I will refer you to the government." And the bank does this.So we say: This is not permissible; because it is selling dirhams for dirhams with an excess, and selling what one does not own; because the person does not own what is with the government; because the government may give it to him or may not give it to him. And there is also ambiguity in it. So this transaction is a forbidden transaction, and it is obligatory for the person, if he submitted to the bank and his name was registered, to wait until Allah makes the matter easy.