Q: A person runs a business and sells goods to people on account. What provision does Islam have for this person’s security in terms of him getting his money on time as it is not permissible to charge a penalty upon late payment? Sometimes, the account can be so huge per month that it can bring his entire business to a standstill.
A: One alternative is to take a collateral from the debtors at the time of the sale that in the case of them not settling their debts, the debts will be settled through selling the collateral and recovering the outstanding amounts.
And Allah Ta'ala (الله تعالى) knows best.
الرهن لغة حبس الشيء بأي سبب كان وفي الشريعة جعل الشيء محبوسا بحق يمكن استيفاؤه من الرهن كالديون وهو مشروع بقوله تعالى فَرِهَانٌ مَقْبُوضَةٌ وبما روي أنه عليه الصلاة والسلام اشترى من يهودي طعاما ورهنه به درعه وقد انعقد على ذلك الإجماع ولأنه عقد وثيقة لجانب الاستيفاء فيعتبر بالوثيقة في طرف الوجوب وهي الكفالة (الهداية 3/516)
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