Clarification- Interest option provided on the website
Question
Assalaamu `alaykum waRahmatullahi Wabarakatuh
I am in a furniutre business and we wanted to offer a service on our website where a customer can choose to finance their purchase.
On checking out, the customer can apply for finance so they would pay a deposit and then the rest of the purchased would be financed by the finance company. If they pay their balance off within a certain time frame then it is 0% interest but if not then they would start getting charged interest.
The agreement we have is with the finance company where they take a certain percentage of the revenue for that sale. We do not get involved with anything else such as the terms, interest etc. We would get the full money upfront and then the rest of it is managed by the finance company. We do not get any of the interest money.
Are we allowed to offer this service?
Jazakallah
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Explain in detail the agreement between the finance company, the client and yourself.
Explain with an example. If there is a contract, provide that for our observation.
You may send your email to [email protected] Ref: Muhammad
And Allah Ta’āla Knows Best
Muhammad I.V Patel
Student Darul Iftaa
Lusaka, Zambia
Checked and Approved by,
Mufti Ebrahim Desai.
- Answered by
- Muhammad I.V Patel
- Checked & approved by
- Mufti Ebrahim Desai
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