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Islamic Verdicts - Volume III Riba, Loans and working in banks Riba, Loans and working in banks
Q: We are a group and have come from Sudan and we agreed to a contract with a company outside of our country to be workers. When we reached the location of the company we found that the company has contracts with banks and these banks deal in Riba with the customers. We worked in security, meaning we were security guards for the welfare of the company that made contracts with the banks. The company would give us a small portion of the amount that it had made the contracts for with the banks. One of our friends said, "Verily this is Riba, because the wealth reaches us by way of a middle party, which is the company." We hope that you can inform us as to whether this is Riba. A: I do not see any problem with that, as your work is only with the company and you have no connection with the bank. So, you all work as security guards for the welfare of the company, and it is the organization that pays your salaries to you. In reference to its dealing with the banks, the usual case is that all of the companies deal with the banks in depositing, guaranteeing, seeking and borrowing money and so forth. The sin in this is on the owners of the company. Ash-Shaykh Ibn Jibreen
The ruling on selling Dollars on installment payments Q: I want to buy 10,000 American dollars from a specific person at the price of 40,000 Saudi riyals. The payment (of the riyals) will be in monthly installment payments. Each payment will be 1,000 riyals. I want to sell these dollars in the market for 37,500 riyals. What is the ruling concerning that, knowing that I need this money? A: The ruling regarding this is that it is forbidden. It is forbidden for a person when he exchanges currency to leave from the place of making the agreement with the seller until after the two parties receive their exchange money. This question does not contain receipt of the second return currency, which is the value of the dollars. Based upon this, it is corrupt and invalid. If the transaction has already been carried out now, it is obligatory on this person who took the dollars to pay it back in dollars and it is not permissible to base anything on the first agreement, because it is corrupt. Indeed it has been confirmed from the Prophet (Salallahou 'aleyhi wa salam) that he said: “"Every condition that is not in the Book of Allah, then it is invalid, even if it were 100 conditions. The Decision of Allah has the most right and the Condition of Allah is most binding” (Al-Bukhari no. 2168). Ash-Shaykh Ibn 'Uthaimin
Q: Our land produces grain and die currency with us is in grains due to the small amount of cash available. So, when the time of seeds comes, we buy from the merchants with the Sa' being equivalent to a riyal. Then, when the harvest time comes and the grains have been dried, we give two Sa's of them to the merchants for one riyal, for example. This is because the price at the time of harvest is cheaper than it is at the time of seeding. Is this transaction permissible? A: There is a difference of opinion among the scholars regarding this practice. Many of them hold the view that it is not permissible, because it is a means to selling wheat and other than it for its same type with differing qualities and delayed payment. That is exactly Riba from two aspects: the aspect of the differing qualities (Al-Fadhl) and the aspect of delayed payment (An-Nasi'ah). Another group of the people of knowledge has gone with the view that this is permissible, if the seller and the buyer do not secretly conspire to giving the wheat instead of cash, and they did not stipulate that in the contractual agreement. These are the statements of the people of knowledge concerning this issue. This dealing of you appears to contain a secret agreement to give more grain in exchange for less grain, because money is scarce. This is not permissible. Thus, it is obligatory upon the farmers in this type of situation to sell the grains to others besides the merchants who bought the seeds from them. Then, they should pay the merchants their due in cash. This is the safe and secure path, and it is in keeping away from Riba. If the sale occurs among the merchants and the farmers with cash, then the farmers end up paying with grains without any previously planned dealing and no condition, then most likely that is correct, as a group of the scholars has said. Especially since the farmer is poor and the merchant fears that if he does not take the grain from him as the price in place of the money that he owes, he will not get what is due to him and he will not receive anything. This is because the farmer will pay with grains to someone else and leave him or he will use it - the grain - on some other needs. This often happens with many of the poor farmers and the right of the merchants is lost. However, if the merchants and the farmers have a previously understood agreement to give grain after the harvest instead of cash, then the first sale is not correct due to the mentioned understood agreement. The merchant is not entitled to anything except what is equal to the grain that he gave to the farmer without any increase, which makes the matter like a loan, as it is not correct to sell with a secretly understood agreement to take more grain. Ash-Shaykh Ibn Baz
The ruling on selling a Sheep that is present for two or three Sheep to be given later Q: Is it permissible to sell a sheep for two or three sheep to be given later after a period of 20 years or more, for example? A: It is permissible, according to the most correct opinion of the scholars, to sell a specified animal that is present, whether one or more, to be paid later at a designated time, whether it is sooner or later or in installments. As long as the price is specified and the descriptions that make the animal distinct are known, this is lawful. It makes no difference whether that animal is from the type that is sold or any other type. This is because it has been confirmed from the Prophet (Salallahou 'aleyhi wa salam) that he bought one camel for two camels (to be given later) to add to the camels of charity. This was recorded by Al-Hakim and AI-Bayhaqi and its narrators are reliable. Ash-Shaykh Ibn Baz
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