Receivable Financing and Brokerage
Question
I do to outsourcing for Americans Lender. Usually, they are non-muslim. So here I am the broker between lender and business owner. I am getting the paperwork from the merchant and submitting it to the lender, after reviewing it if they want to fund them they are giving us an offer we tell offer to the merchant, and if the merchant willing to take it we received an upfront commission from the lender. The lenders offer what is called a business cash advance, or purchase of future receivables based on the business’s recent income. Loan takers are all nonmuslim. For instance:
Purchase Price(The dollar amount that Buyer is paying for the Amount Sold of Seller’s Future Receivables.)
: $100,000
Amount Sold(The dollar value of the Future Receipts being sold.)
: $125,000
This payback amount does not grow as with traditional interest financing. It remains the same. The lender purchases $125,000 worth of the business’s future income for a discounted lump sum of $$100,000.
Jazakhallah Khair for your response.
So my question is as a loan broker(Muslim) working with nonmuslim is halal or haram? I mean is my income is haram or halal? Non-Muslims are allowed to take or give an interest between them
Here I mentioned a link where i found Muslims are allowed to take interest from non-Muslim also attach a screenshot of it
https://www.al-islam.org/ask/topics/6798/questions-about-Interest
Answer
Conventional receivable financing is unlawful in Islam. When two cash sums of the same currency are exchanged, they must be exchanged on spot and for the same amount. In the above mentioned scenario, the amount sold is higher than the purchase price. This is considered interest (riba) and is unlawful.
Similarly, as an insurance broker you are being paid for directing customers to these unlawful contracts. As this is directing someone towards a sin, it is also impermissible. Therefore being a broker for these types of contracts will not be permissible.
If one works as a broker for multiple products, some of which are lawful and others unlawful, then the income earned through the lawful contracts would be permissible to take. As for the remaining unlawful income, that must be disposed of by donating to the poor without intending reward for it.
البحر الرائق شرح كنز الدقائق ومنحة الخالق وتكملة الطوري (8/ 23)
وَلَا يَجُوزُ عَلَى الْغِنَاءِ وَالنَّوْحِ وَالْمَلَاهِي) ؛ لِأَنَّ الْمَعْصِيَةَ لَا يُتَصَوَّرُ اسْتِحْقَاقُهَا بِالْعَقْدِ فَلَا يَجِبُ عَلَيْهِ الْأُجْرَةُ مِنْ غَيْرِ أَنْ يُسْتَحَقَّ عَلَيْهِ؛ لِأَنَّ الْمُبَادَلَةَ لَا تَكُونُ إلَّا عِنْدَ الِاسْتِحْقَاقِ وَإِنْ أَعْطَاهُ الْأَجْرَ وَقَبَضَهُ لَا يَحِلُّ لَهُ وَيَجِبُ عَلَيْهِ رَدُّهُ عَلَى صَاحِبِهِ
البحر الرائق شرح كنز الدقائق ومنحة الخالق وتكملة الطوري (8/ 23)
وَكَذَا الذِّمِّيُّ لَوْ اسْتَأْجَرَ مُسْلِمًا لِيَرْعَى لَهُ الْخَنَازِيرَ وَيَجُوزُ عِنْدَ الْإِمَامِ خِلَافًا لَهُمَا
الفتاوى الهندية (4/ 449)
إذَا اسْتَأْجَرَ رَجُلًا لِيَحْمِلَ لَهُ خَمْرًا فَلَهُ الْأَجْرُ فِي قَوْلِ أَبِي حَنِيفَةَ – رَحِمَهُ اللَّهُ تَعَالَى – وَقَالَ أَبُو يُوسُفَ وَمُحَمَّدٌ – رَحِمَهُمَا اللَّهُ تَعَالَى – لَا أَجْرَ لَهُ وَإِذَا اسْتَأْجَرَ ذِمِّيٌّ مُسْلِمًا لِيَحْمِلَ لَهُ خَمْرًا وَلَمْ يَقُلْ لِيَشْرَبَ أَوْ قَالَ لِيَشْرَبَ جَازَتْ لَهُ الْإِجَارَةُ فِي قَوْلِ أَبِي حَنِيفَةَ – رَحِمَهُ اللَّهُ تَعَالَى – خِلَافًا لَهُمَا
البحر الرائق شرح كنز الدقائق ومنحة الخالق وتكملة الطوري (8/ 23)
وَلَوْ اسْتَأْجَرَ مُسْلِمًا لِيَحْمِلَ لَهُ خَمْرًا وَلَمْ يَقُلْ لِأَشْرَبَهُ جَازَتْ الْإِجَارَةُ عَلَى قَوْلِ الْإِمَامِ خِلَافًا لَهُمَا وَفِي الْمُحِيطِ السَّارِقُ أَوْ الْغَاصِبُ لَوْ اسْتَأْجَرَ رَجُلًا يَحْمِلُ الْمَغْصُوبَ أَوْ الْمَسْرُوقَ لَمْ يَجُزْ؛ لِأَنَّ نَقْلَ مَالِ الْغَيْرِ مَعْصِيَةٌ اهـ.
الفتاوى الهندية (4/ 449)
إذَا اسْتَأْجَرَ ذِمِّيٌّ دَابَّةً مِنْ مُسْلِمٍ أَوْ سَفِينَةً لِيَنْقُلَ عَلَيْهَا الْخَمْرَ جَازَ فِي قَوْلِ أَبِي حَنِيفَةَ – رَحِمَهُ اللَّهُ تَعَالَى – وَقَالَ صَاحِبَاهُ: لَا يَجُوزُ
Answered by:
Ifta Research Fellow
Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel
Source:
https://fatwacentre.org/business-trade/receivable-financing-and-brokerage/