A Developer offer a Plot or flat
Option one= 5 Millions on 4 years installment and delivery after 4 years
Option 2= 4.5 million on Cash and the delivery after 4 years
In Both cases Developer offering the different prices for same product and same time frame.in option one purchaser paying 0.5 M interest for payment on installment and for option 2 Purchaser getting 0.5 M Interest on his cash payment in advance, My question is which one is wrong in Islam? 1st.2nd or both? is 0.5 million is RIBA in both cases?
Pakistan replied on Wednesday, October 14, 2015 08:15 PM
first of all its not interest ...
He offers you a product on x amount if you pay all money right now ..... Otherwise he is asking you to pay x+y amount if you want to pay in installments .... developer is not changing this Y value for the next 4 years .... hence, its not interest as at start of contract, the values of x and y is agreed and fixed..... |
AA replied on Thursday, October 15, 2015 04:02 AM
Dear Kamran,
If developer is Eden Group, please do not fall in their trap. They are worst of worst. |
