He sold the Product for more than its Price for payment to be received later
Question :
I bought a car for 12,100 riyals and I sold it for 14,100 riyals to be paid after a period of 5 months to give the buyer time. I would like a ruling as to whether this sale is included in the ruling of Riba or is it outside of what is considered Riba.
Answer:
If the matter is as you have mentioned, then your selling this car is permissible if the sale occurred after you took possession of the car from the person who sold it to you. This is due to Allâh's Statement:
"O you who believe! When you contract a debt for a fixed period, write it down."
This is also due to what is confirmed in the Two Sahihs from 'A'ishah that the Messenger of Allâh bought some food from a Jew for a delayed payment and he gave him a coat of armor of steel as collateral. There is no Riba in this, if Allâh wills, even if the price of the sold product is more than its equivalent price at the time of sale.
Source:
The Permanent Committee
Fatawa Islamiyah, Vol. 3 Page 352
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