Home » Financial Planners » How is the Law of Buying and Selling Over Credit System in Islam? How is the law of buying and selling over credit system in Islam? Come on, find out the law through TTS in this article. Working in installments is becoming quite popular in Indonesia. Many people buy vehicles, houses, to electronic goods purchased on credit. In the Qur'an it is also clearly stated how the terms of buying and selling are not in cash. However, there are times when someone who is unable to pay the installments then transfers it to someone else. Then, the question arises regarding the transfer of credit or over credit from one debtor to another prospective debtor, is it legal in Islam? Buying and selling transactions on credit at a higher price than buying in cash are legal and lawful.
Also Read: Buy a House Over Credit.
On the condition that the transaction between the seller and the buyer is carried out with a sharih 'adam al jahalah contract, which is done honestly and agrees on a time limit and the price of the goods. The transaction must also be free from the element of usury. However, there are times when someone who is unable to pay the installments then transfers it to someone else. Not only installments, even justified borrowing and borrowing sometimes experience diversion. Also Read: Buy a House Over Credit. Sure Safe? CHECK the explanation! For example, A gives a loan to B, while B still has a receivable from C. As soon as B is unable to pay his debt to A, he transfers the debt burden to C. Thus, C must pay B's debt to A, while C's debt considered complete.
However, there are actually fundamental differences between the two.
From the above case, questions arise regarding the transfer of credit or over credit from one debtor to another prospective debtor. Is the transaction legal in Islam? Over credit is sometimes equated with a balloon payment system. However, there are actually fundamental differences between the two. The difference lies in whether or not there is a transfer of dependents from the old debtor (the originating party who applied for credit/qaridl) to the new debtor (the party who receives and continues the credit/new qaridl dependents) with the object of credit in the form of the same goods. If there is a transfer, then that is called over credit. If it's not a redirect, then it's called a balloon payment. There is an old debtor who sells and buys a vehicle on credit with an installment period of 2 years (24 months). After 15 months, it turned out that he could not continue the installments.
Finally it was decided by him to sell the vehicle that has not been paid off to the new debtor at the agreed price. Furthermore, the new debtor continues the unresolved installments by the old debtor to the creditor (the seller). So, the installments that have been shifted in billing are only 9 months away. Well, the above contract is a simple contract from the over credit system. This contract has developed far in this modern era. Also Read: What's the Difference Between Sharia and Conventional Multipurpose Credit? As a brief description, they are: A is currently taking a car loan to a finance (leasing) institution X. Then, in the middle of the installment period, A intends to sell the car to another party with the knowledge of the leasing service because A feels unable to continue the installments. After the contract process is complete, and there is a price agreement between A and the prospective buyer, and the buyer is aware or knows that he will continue the installments that are still insured, it is agreed to transfer the responsibility for the installments from A to the new buyer for the purchase installments to leasing services.. So, in terms of the fiqh problem, is this kind of contract allowed? Among the muamalah fiqh of buying and selling in Islam that is regulated is the issue of over credit or debt transfer, in sharia terms it is called "al-hiwalah". Al-hiwalah is allowed, based on the evidence from the Sunnah, the consensus of the scholars, and valid qiyas (analogy). Assunnah's evidence: The Prophet sallallaahu 'alaihi wa sallam said, "The procrastination of debt payments made by a rich person is a form of injustice. HR. Bukhari in his Sahih, IV:585, no. 2287, and Muslim in his Sahih, V: 471, no. The Messenger of Allah -peace and prayer of Allah be upon him- said, "It is forbidden for those who are able to pay their debts to neglect their debts.
Ijma' ulama: The scholars have agreed to allow al-hiwalah. Imam Ibn al-Qayyim said this. Departing from this rule, the original law of buying and selling is permissible. Likewise the law of credit, the law of origin is also permissible. The permissibility of the muamalah practice of buying and selling credit is limited to the presence or absence of illat haram in buying and selling, namely usury nasiah / usury credit. Riba Nasiah is basically a sale and purchase contract for which the exact price is not known at the time of maturity. For example, a motorcycle is sold at a price of Rp. 15 million. This price is an understandable price, whether this figure is presented in global form as IDR 15 million itself or obtained from the translation of the desired profit from the cash price of IDR 12 million. Also Read: Actually Vehicle Loans Include Riba?
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For example, if the cash price is Rp. 12 million. If credit, the price is Rp 12 million plus 25% interest in installments over 12 months. Interest from the sound of statements like this, is called by the term "expected profit" by the creditor when an item is sold on credit. As a result, the price is understood to be Rp 12 million plus Rp 3 million, bringing the total to Rp 15 million in 1 year installments. What is not allowed is if there is a delay in payment, then the debtor is subject to the obligation to pay only the interest, even though the principal installment is not paid. This is what is meant by usury nasiah which is forbidden. So, if there is no illat usury nasiah, then the price is understood and the sale and purchase contract becomes valid. The credit contract is basically a sale and purchase contract and cannot be equated with a money debt contract due to the wasilah of goods. Even though it is a sale and purchase contract, the nature of ownership of goods from a credit contract is milkun dlaif or weak ownership while the credit has not been repaid. Therefore, it does not meet the requirements for perfect ownership. If the price of credit for the goods has been known, the price has been known since the beginning of the transaction between the old debtor and the creditor - for example, Rp. 15 million rupiah which is paid in installments over 24 months - then, when the contract is terminated in the 15th month, it indicates that the ownership of the goods becomes permanent ownership. musya' or joint ownership, namely between the old debtor and creditor. The ownership composition can be described as a ratio of 15:9 to 24 months of installments. It can simply be described as 5s3, where 5 is the old debtor's composition of the goods and 3 is the creditor's composition of the goods.
39; goods, even though they are goods that cannot be divided or even goods that can be divided.
Because the composition is known, regardless of the composition, it is still an item of value (mutaqawwam) so it deserves to be appreciated. In the fiqh provisions of the Hanafi Madhhab, it is stated that the sale and purchase of musya' (common property) goods, the law is permissible if the goods cannot be divided in two. As for musya' goods that can be divided, the law is not allowed, unless it is divided first. "It is not permissible to donate musya' (goods with shared ownership) that can be divided unless it goes through the distribution first. The reason given by this school is because the transfer of ownership makes it customary to have qabdlu (submission) completely because of texts. However, for the Shafii school, the law is it is permissible to buy and sell such musya' goods, even though they are goods that cannot be divided or even goods that can be divided. The reason is, because in musya' goods, there is a seller's property rights. What is important in the Shafii Madhhab, is as long as the status of ownership is known and exists clarity of contract details (tafriq al-shafqah). However, there is a note, if there is a distribution, and it requires a distribution fee, then the mu'natu al-qismah (sharing fee) is the responsibility of the new buyer (new debtor).
Frequently Asked Questions: Law of Credit Oper Transactions.
"If the seller (old debtor) and the buyer (new debtor) have a difference of opinion regarding the person who is measuring (distributing the musya' goods), then the judge can mediate by ordering a trusted assessor and sending him, then the other owner (leasing service / creditor) following the consideration of the envoy/judge's decision. So, because all costs of distribution must be borne by the buyer, what must be known based on this equation, is the price of the musya' share owned by the old debtor that must be known. the law of buying and selling over credit or transfer of debt. If it is properly carried out according to Islamic law and the division of obligations is clear, then it is permissible to do it because it prevents evil, such as delaying paying credit. The point is that both parties agree and benefit from the over-credit that is carried out, including the transaction, namely the transaction is carried out in an Islamic way. Have you understood the law of buying and selling over credit systems in Islam? Hopefully this article is useful for you. Don't forget to share this article with my other Financial Friends. editor. Frequently Asked Questions: Law of Credit Oper Transactions. editor. Law Over Home Loans in Islam. Subscribe now for weekly market prediction analysis, financial planning, as well as stock analysis, mutual funds and other investment products. About the Author: Chikita Dinda, SAB How Important is Vacation Time? This Says Financial Planner! How Important Is Time for Vacation? This Says Financial Planner! Want to Watch a Concert? Don't Forget This Cost! Want to Watch a Concert? Don't Forget This Cost! There are many benefits, it turns out that this is the cost of marriage counseling! There are many benefits, it turns out that this is the cost of marriage counseling! Registering for High School in Jakarta, Turns Out the Costs Make You Gawk! Registering for High School in Jakarta, Turns Out the Costs Make You Gawk! How to Save 10 Million in 3 Months from UMR Salary, You Can! How to Save 10 Million in 3 Months from UMR Salary, You Can! Mendang-Mending! IDR 2 million for this, is it worth it? Mendang-Mending! IDR 2 million for this, is it worth it?
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