Selling an unclaimed collateral to retrieve one's money

Q: A year ago, I had a customer who wished to purchase an item for R1200. He only had R800. So he opted to leave his spare wheel with me. I told him that if you don’t come, I’m going to sell your spare wheel, he said yes, no problem, but I’m going to come. 

It’s been a year; I can’t get hold of him and he hasn’t come back. The spare wheel is worth about R2000. What should I do? Should I sell the spare wheel for R2000, take my R400 and give the remainder in Sadaqah, or should I sell it for R400?

A: It is permissible to sell it for R400 and retrieve your money. However, if you sell it for more than R400, the extra money will belong to the owner of the spare wheel. You should keep the money for him. However, if a period of time passes where you feel that he will not return, then give it in charity on his behalf. Nevertheless, if after giving it in charity on his behalf, he returns and claims it, you will have to compensate him for it.

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)