Finance with fixed return : financing with fixed return

Fatawa Question

Salaam, Hope my mail meets you in the best of Iman. Pls assist me with clarification on an issue if Allah has bestowed you with knowledge on it. I actually came across a trader (non-Muslim) who requested that I give him N 500,000 and he will be paying me 10 % monthly but when I told him that I am a Muslim and do not trade in interest, he now says that he will be giving me N 50,000 monthly. I went further to ask him if he could make that much in a month and he answered in affirmation and that my principal can be collected back after a one week notice at any point in time. My questions here are as follows : 1. That his N 50,000 offer is the same with his initial 10 % interest, so what is the religious position here ? 2. If it is ok, can I bargain the return upward ? Lastly, kindly commit me into your prayers as I have of recent been diagnosed with diabetes and have been asked to abstain from some foods. At present, I am not staying with my Family and I am finding life very difficult especially when it has to do with diets considering my health constraint. Kindly help me with “dedicated prayers” for god’s healing and a job that will take me closer to my family. Thanks in anticipation of your response to my inquiry and request. May god bless us and the entire Ummah, Amin ? Thank you ?

Fatwa

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Publication Date

2010-10-19

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Financing
• Profits
• Capital
• Hedge(Finance)
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-730632

• APA
• MLA
• AMA