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Selling a debt

Nasihah (Advice): Sayyiduna Abdullah bin Amr (Radiyallahu Anhu) reports that the Prophet of Allah (Sallallahu Alaihi Wasallam) said: “The martyr is pardoned for all his sins except outstanding debts.” (Sahih Muslim, Hadith #: 1886)

 

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Question and Answer:

 

Q. I need some advice here. I recently sold my shares to a person. The deal was that he pay R100,000 immediately and on the 15th December 2013 , pay the remaining R980,000.

 

When it came time to pay , the purchaser refused to pay stating that he has no money.Islamicly , what course of action do I have ? There is a 3rd party interested in acquiring these shares. Can I sell the debt and collect the monies from a 3rd party ?

 

(Query edited to maintain anonymity)

 

 

A. It is not permissible for you to sell the debt to a third person as Nabi Sallallahu Alayhi wa Sallam prohibited the sale of debts. (Daraqutni).

 

You can either claim back the shares from this person or alternatively, the 3rd party who is interested in the shares may purchase the shares from the original buyer which will in turn enable you to claim the outstanding amount from him.

 

 

And Allah Knows Best

 

 

Mufti Suhail Tarmahomed

 

 

Fatwa Department
Jamiatul Ulama (KZN) 

Council of Muslim Theologians
223 Alpine Road, Overport, Durban
Tel : +27 (0) 31 2077099
Fax : +27(0) 31 2074163
Website : www.jamiat.org.za
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