A group of people are partners in a fund; at the end of the year, they use it to buy goods for profit. Is it permissible for one of them to take these goods on installment with
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The Shaykh : Very well.
The questioner : May Allah reward you, O Shaykh. A group of people, O Shaykh, set aside a sum of money monthly, one hundred riyals or fifty riyals. After a year or two has passed, they use it to buy a specific item for the purpose of profit, and the amounts are not equal. They buy a specific item to sell it and benefit from it, either for a cash price or an installment price. Some people are asking, meaning ten or fifteen of them, if one of them takes it on installment from the people themselves, is it permissible for him or not?
The Shaykh : This is not permissible. That is, they collect from their salaries one hundred riyals every month, and when a large portion of the money has accumulated with them, they buy an item with it for profit. He asks if it is permissible for one of them to take it with an increase? The answer is that it is not permissible, because this is clear and obvious riba. But he asks another question: is there zakah on these dirhams or not? The answer is that there is zakah on them, because they are either cash or goods if they buy the item with them for profit. Yes.
The questioner : May Allah reward you, O Shaykh. A group of people, O Shaykh, set aside a sum of money monthly, one hundred riyals or fifty riyals. After a year or two has passed, they use it to buy a specific item for the purpose of profit, and the amounts are not equal. They buy a specific item to sell it and benefit from it, either for a cash price or an installment price. Some people are asking, meaning ten or fifteen of them, if one of them takes it on installment from the people themselves, is it permissible for him or not?
The Shaykh : This is not permissible. That is, they collect from their salaries one hundred riyals every month, and when a large portion of the money has accumulated with them, they buy an item with it for profit. He asks if it is permissible for one of them to take it with an increase? The answer is that it is not permissible, because this is clear and obvious riba. But he asks another question: is there zakah on these dirhams or not? The answer is that there is zakah on them, because they are either cash or goods if they buy the item with them for profit. Yes.