Interest transaction
Submitted by user2 on Thu, 2018-01-25 07:04
Q: I have question about sood. In my town people are taking Rs.45,000 for a month and giving the Rs.60,000 or Motor Cycle CD-70 having price of Rs.63,000 after one month, so choice depends upon people either they want Rupees or Bike. So I want to know that whether it is sood or not. Some people are saying that taking rupees is sood but bike is not sood. Please guide me.
A: In the case of money it is interest and in the case of a motorcycle then this can only work if there is a sale contract in place. And this is not a sale contract because in a sale contract the item that is going to be sold is confirmed. In this case it is left unspecified.
And Allah Ta'ala (الله تعالى) knows best.
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