Profit on land trading before actual buying
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:
Asalam-o-Alikum..Much Appreciated your work brother: My Question is little lengthy to let you know the whole scenario. I bought a plot on installment from one of my relative as he is working in real estate field, He advises me to buy that particular plot as it will later give you a handful profit. So 1st part of my question is: He informed me about plot before publishing the advertisement in newspaper, So later when a ordinary customer will come up to purchase that particular plot which i have already purchased, the price will become automatically hiked (i.e: i have given 2000 $ as advance payment and will have to give 500$ monthly installments) but after couple of weeks he informed me that one of the buyer is interested to purchase your plot with the certain amount of profit to me. (i.e: My advance payment was 2000$ and i didn't pay until any installement and i got offer of 3000$ and the remaining installments will be paid by the new customer)So summary of all that:1- Is it permissable that someone or relative can inform you any profitable trading before announce publicly ?2- Can i sell that particular plot without completing all of my installements.Please guide me in the light of Quran and Hadith that profit margin i am getting is Halal? and the kind of favour that my relative gave me is acceptable or allowed in islam?
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Answer:
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.
Brother there is no harm if somebody gives you tips to earn profit, or facilitates your early participation in a project. The buyer is at liberty to buy or not to buy. You have paid the initial deposit and if someone wishes to buy your allotment along with the installments at a premium to you, there is no interest (ribba) involved and the transaction will be halaal.
Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength. Allah Alone Knows Best and He is the Only Source of Strength.
Your brother and well wisher in Islam,
Members of Islamhelpline
Wister