Getting business capital on interest : having a business partner whose contribution is raised based on interest

السؤال

[Question One] : As-Salaamu Alaikum Warah'matul-Laahi Wa Barakaatuhuu May Allah bless you abundantly. I am the brother from Ghana who has had various discussions with you at IIFF sessions in Dubai. I am starting a lumber exporting business and have the need to raise funds. A colleague of mine that I know from school days who is not Muslim wants to partner with me and can raise money through interest, but understands that he will invest it with me on a partnership bases (I will have nothing to do with the interest part whatsover). Yet he will be using evidence of letters of credit that I raise to raise these funds. Naturally, I am worried that this may be haram. Please share your insight on such a case with me. Barakal-Laahu Fiik [Question Two] : May Allah bless you abundantly. Thank you for your prompt response. With regard to the statement in your response that ""so long as he does not make any interest transaction in regard to the partnership, for it or on behalf of it"", I will like to clarify. My friend owns a company N and says he could raise funds for our partnership B. So when I get an potential order, I make the client who wants to buy from B send a letter of credit to the account of company N with which to raise the funds for company B to complete the order. The funds thus raised are given to company B by company N as a partnership contribution, say 60 / 40 split on profit. My friend's company is then left to deal with the repayment, may be from the profit or from the profit and other sources. My main concern here is that I sent the letter of credit to his bank to enable him raise the money to give to me. Thanks for your time, may Allah bless you.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2007-01-12

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-785778

• APA
• MLA
• AMA