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Resolutions of Iftaa' Board

Date Added : 29-11-2015

 

Resolution No.(61) by the Board of Iftaa`, Research and Islamic Studies:

"Ruling on Dropping an Amount of the Due Price for Hasting in Payment"

Date: 7/5/1432 AH, corresponding to 18/7/2002

 

 

What is the ruling of Sharia on dropping an amount of the due price for hasting in paying the bank?

All perfect praise be to Allah, The Lord of the Worlds, and may His blessings and peace be upon our Prophet Mohammad and upon all his family and companions.

The Board is of the view that it is permissible for the bank to drop an amount of the due price of the Murabah for the (asker) as it sees fit provided that it isn`t a regular procedure that it follows with every client, or was initially conditioned in the Murabaha contract, in order to avoid Riba (usury and interest). This is based on the opinion of the jurists who differentiate between a loan and a sale transaction: it is impermissible to drop an amount of the loan for hasting in paying it; however, it is permissible to drop an amount of the due price in deferred sale for hasting in paying it as indicated by the later Hanafite jurists such as Abu Asso`ud Afandi and Ibn Abdeen. And Allah Knows Best.

 

Note: kindly refer to resolution No.(56).

 

Chairman of the Iftaa` Board, Chief Justice, Izz Aldeen Attamimi

Dr. Wasif Al-Bakhri
Dr. Abdulsalam Al-Abbadi
Dr. Yousef Ghizaan
Sheikhb Sa`id Hijjawi
Sheikh Na`iem Mujahid
Sheikh Mahmood Shwayat

 

 

 

 

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