purchasing overdue debts and making a profit from them? The debts
could be anything from credit cards and loans to telephone bills.
Praise be to Allah.
Buying debts from their creditors for an immediate price that is lower
than the value of the debt comes under the heading of haraam
riba-based transactions. It combines riba al-fadl with riba
an-nasee'ah, so it is the sale of a debt for cash of a different
amount with a delay in payment. Al-fadl means that the debt is greater
than the amount of money paid and an-nasee'ah means that payment is
delayed until the time the debt becomes due.
There is also another problem that makes this transaction haraam,
which is ambiguity. There is no certainty thatyou will be able to
collect the debt that is owed, so it is something unknown, and the
Prophet (blessings and peace of Allah be upon him) forbade
ambiguoustransactions, as was narrated by Muslim (1513) from the
hadeeth of Abu Hurayrah (may Allah be pleased with him).
There are fatwas from the scholars and resolutions of fiqh councils
stating that this transaction is haraam.
1.
The scholars of the Standing Committee for Issuing Fatwas said:
It is not permissible to buy or sell promissory notes, currently due
or deferred, for less or more than the amounts stated in them, because
this is regarded as blatant riba, and this transaction combines riba
al-fadl with riba an-nasee'ah, both of which are haraam on the basis
of the texts (of the Qur'an and Sunnah). End quote.
Shaykh 'Abd al-'Azeez ibn Baaz, Shaykh 'Abd al-'Azeez Aal
ash-Shaykh,Shaykh 'Abdullah ibn Ghadyaan, Shaykh Saalihal-Fawzaan,
Shaykh BakrAbu Zayd
Fataawa al-Lajnah ad-Daa'imah, 13/333
2.
It says in the resolution of the Islamic Fiqh Council belonging to the
Organization of the Islamic Conference issued during its
seventhsession:
Selling promissory notes is not permissible according to Islam,
because they lead to riba an-nasee'ah, which is haraam.
Reducing the deferred debt in order to expedite payment, whether at
the request of the creditor or the debtor ("reduce and paynow") is
permissible according to sharee'ah. It does not come under the heading
of riba that is haraam so long as it is not based on prior agreement,
and so long as it is decided between the creditor and debtor. If a
third party gets involved, it is not permissible because then it comes
under the ruling on selling promissory notes. End quote.
Resolution no. 66/2/7, Majallat Majma' al-Fiqh al-Islami, issue no. 7,
2/217. Promissory notes include checks, letters of credit and the
like.
3.
In the resolutions of the Islamic Fiqh Council of the Muslim World
League, in their sixteenth session, it says:
Secondly, forms of selling debt that are not permissible include:
(a)
Selling debt to the debtor for a deferred price that is greater
thanthe amount of the debt, because this is a form of riba and is
forbidden according to sharee'ah. This is what is called "rescheduling
the debt".
(b)
Selling the debt to someone other than the debtor for delayed payment
of the same type of wealth or otherwise, because this is a kind of
selling debt for a debt, which is forbidden according to sharee'ah.
Thirdly: some contemporary applications in the area of selling debt:
(a)
It is not permissible to sell promissory notes, cheques, letters of
creditetc., because that involves selling debt to someone other than
the debtor in a manner that involves riba.
(b)
It is not permissible to deal in riba-based promissory notes, whether
by issuing them, dealing in them orselling them, because they involve
riba-based interest.
(c)
It is not permissible to put debt in the form of documents or
contracts and sell them in a secondary market, because that comes
under the heading of selling promissory notes etc., which is mentioned
in item (a).
Statement no. 89/1/16:
Based on the prohibitionof this transaction, it is haraam to work in
thosecompanies and institutions that buy people's debts, whether in
the form of checks or letters of credit, or in theform of phone bills
and so on.
Those who go against the command of Allah should beware lest
someFitnah (trials and tribulations) befall them or a painful torment
be inflicted on them (cf. an-Noor 24:63).
The one who wants to work in those companies should understand that
whoever gives up something for the sake of Allah, Allah will
compensate him with something better than it.
Allah, may He be exalted,says (interpretation of the meaning):
"And whosoever fears Allaah and keeps his duty to Him, He will make a
way for him to get out (from every difficulty).
3. And He will provide him from (sources) he never could imagine"
[al-Talaaq 65:2-3].
3.
He should strive hard to find halaal work. We askAllah, may He be
exalted,to help and guide him and to make him independent of means
with that which He has permitted so that he willhave no need of that
which He has forbidden.
And Allah knows best.
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