Buying back an item at a lower price

Q: I'm in the business of buying and selling car mags. A few months back I've sold a set of 2 rims to someone for R1800. A couple of months later I get a call from the same person asking if I want to buy this same rims back because he has no use for them to which I replied yes, I made him an offer of R1200 and purchased them back. Is this considered as ribaa and if so what could I do about it as I've used the money already? 

A: This is permissible.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)