Credit transactions

Q: I am in need of money. If I buy something like a mobile phone on installments and then I sell it because I need the money, and pay the installments every month, is it permissible or does it come under interest?

Q: I want to work in an electronics company that provides products on loan (12 months installments) And they take more money than the actual prize of the product. For example a product which costs 45,000 PKR (Cash) they give it at a total amount of 54,000 PKR (in installments). Can I work there? Will my earnings will be Halal?

Q: What can a company do to customers who default in their credit payments?

1. Can a company charge them a penalty for exceeding their credit term? If not, what are the Shar’ee alternatives?

2. Sometimes, customers who exceed credit terms request proofs of deliveries again, although an invoice was sent to them with the delivery. Can a company charge them for this, just as Fnb and any other bank charges for producing a statement over 3 months old?

Q: Is buying things in installments permissible in Islam? It does not come as sood (interest)? The actual price is different from the price when you buy it in installments.

Q: Is it permissible for Muslim businesses to accept credit card payment?

Q: A person wishes to purchase a stove on credit from Makro (for example). The cash price of the stove is R5000. However, Makro says that if you wish to purchase it on credit, there will be a certain percentage interest rate. Hence purchasing it on credit will cost R5800 over 20 months at R290 per month. Makro says that the installment will NOT fluctuate during the months. Every month it will certainly remain at R290 till it's fully paid. When he purchased it, he ignored completely what they had to say about the 'interest rate', and his intention was that they are merely changing the price of the stove and just making more profit on him since he's buying it on credit. Is he guilty of ribaa in the above mentioned case?

Q: The matter is that I have bought a bike. The original price of the bike is almost 40,000 rupees. But I have bought this bike on installments. So, I have paid 24,000 rupees in advance to owner of the shop and remaining 24,000 rupees I have to pay in installments of 8 months with monthly amount of installment is 3000. So, basic thing I want to ask Is this thing came into the radar of Interest according to teachings of Islam or not? I am looking forward for your detailed answer anxiously with complete proof according to teachings of Islam. I shall be very thankful to you.

Q: Mohammed proposed to sell his share of a commercial property to Abdul Kader for R1 250 000. The seller didn't mention that it is cash (expecting immediate payment). The buyer didn't pay for the property immediately and one year has elapsed. The terms of payment have never been agreed upon. The buyer and seller didn't agree on how many months the buyer has to pay. Can the buyer claim that he has unlimited time to pay as we didn't mention "cash" at the time of sale? Is the seller entitled to rentals for the passed year? Is the seller still regarded as the owner of the property?

Q: I sometimes need to buy something but don’t have the cash on me. Can I buy the goods on credit? If yes, are there any conditions to adhere to?

Q: I have some money invested that are easily redeemable and have a credit card as well. When I become cash strapped I resort to the Credit card due to ease of access and I always try to pay up the debt on the credit card within 55 days as before this no interest is charged, however, buying/relying on this facility makes me feel impoverished and fearful of consuming things that I can pay for later. I am fearful. What do you advise me to do? Use the credit card and ensure that I always pay for the debt within the non-interest period or rather use off my saved money?