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Someone finds buyers for crude oil and then approches sellers to buy from them.

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)

 

One of our brothers/sisters has asked this question:

Dear Sir,

Someone finds buyers for crude oil and then approches sellers to buy from
them and ask for credit from the sellers (payment after 30 or 60 days)
however he sells the good to his buyer cash in the spot. Basically, he does
not utlize any of his own money. Is this halal?

I will appreciate your answer in Arabic if you can but English is ok

Jazakum Allah Khair and Salam Alukum 

 

(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)


 

Answer:

 

Future transactions

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

 

To the best of our knowledge there is absolutely no element of riba or interest in the above stated transaction; and as long as the product being traded is lawful in its essence (in this case crude oil), there is absolutely no harm in such a transaction in Shariah.

 

Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.

 

Your brother and well wisher in Islam,

 

 

Burhan

 


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