Surety in a Murabahaa agreement
| Fatwa #918 | Category: Business & Trade | Country: Zambia | Date: 18th September 2023 |
| Fatwa #918 | Date: 18th September 2023 |
| Category: Business & Trade | |
| Country: Zambia | |
Question
السلام عليكم ورحمة الله وبركاته
Hope you keeping well. I am doing a murabaha transaction with someone. Is it permissible for me to ask for something as a security to the one with whom I am doing the murabaha contract?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Murabahah is selling a commodity as per the purchasing price with a defined and agreed profit mark-up.
It is permissible for the financial institution or the Financier to request the customer to provide permissible security in the contract of Murabahah. [1]
And Allah Ta’āla Knows Best
Mufti Muhammad I.V Patel
Concurred by
Mufti Bilal Pandor
Darul Iftaa Mahmudiyyah
Lusaka, Zambia
[1] SHARIAH STANDARDS- AAOIFI
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