RESOLUTION
No. 66/4/7
CONCERNING
BAY' AL-WAFA(DEBT GUARANTEE SALF)
Quote - The Council of the
Islamic Fiqh Academy, meeting in its seventh session held in
Jeddah, Kingdom of Saudi Arabia, from 7-12 Dhul Qi'dah 1412H
corresponding to 9-14 May-1992.
Having considered
the research papers received by the Academy on the subject, ''Bay
al-wafa''
(Debt guarantee Sale)
Having listened
to the discussions held about ''bay al-wafa'' and its real
nature i.e ''the sale of money on condition that when the seller
returns the price, the purchaser returns to him the amount
purchased''
RESOLVES
|
First : |
That this sale is in fact ''loan which has generated a profit'' It is therefore a fraudulent practice of Riba,and is considered unsound by the majority of Ulema. |
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|
Second : |
The Academy considering this contact prohibited in Shari'a. |
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All Knows best.- Unquote
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