Q: If one is doing a property development, what is the maslah of selling the property off-plan? From limited knowledge we aware that if a commodity is not in stock, one is not allowed to sell what there is no stock of.
A: In Shariah, the general principle is that it is not permissible for one to purchase or sell something that does not exist. However, the Fuqahaa have explained that the sale of istisnaa (an order to manufacture) is an exception to this general principle.
For example, a person goes to the tailor and asks him to sew a kurta for him, or a person goes to a cook and asks him to cook food for a function. In both these cases, it will be permissible for him to buy the kurta from the tailor and the food from the cook before they are produced.
Similar is the case of purchasing an off plan unit. It is permissible for one to purchase an off plan unit, provided the istisnaa is being done with the contractor who is putting up the project.
It should be borne in mind that before one receives his unit, it is not permissible for him to sell it to another person.
And Allah Ta'ala (الله تعالى) knows best.
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