March 21, 2018

In deferred sale (Bai’ Ajel) is it allowed by the Islamic Shariah to add on the original price in order to postpone payment?

1)Usury is the increase of one of the fixed elements on the other (money more than money, gold more than gold) but the increase in sale is an increase in the price of a good and this increase occurs on two separate objects. 2)There is no increase in the deferred price even in the case of postponing payments, on the other hand there is an increase in the money whenever postponing payments in usury. 3)From an economic point of view, deferred prices are supposed to be higher than current prices and that is due to the change in the prices of the goods over time. The seller has that right to secure himself against any decrease in the prices that is why it is allowed to sell with a higher deferred price. 4)The public’s needs are met through this kind of sales because whoever has inability to provide cash at the moment will not be able to buy at all, and that will lead to recession.