Muslims are bound to follow the teachings of Islam in all of their life segments. Moreover, lawful earning is essential in Islam as pure worship. Muslims are allowed to do only legal deeds in their social, political and economic sectors. Sales and purchases should also be totally accomplished in the light of Sharīha. According to Islam an article can be sold on high rate on credit sale as compared to cash sale provided same price of the article is fixed. However it is decided that an item can’t be sold at lower price of a city cash price on credit sale. In case of nonpayment in given period of time, price cannot be increased for delayed payment. However financial punishment may be adopted on need basis as it is being practiced by Islamic banking. Advanced payment will be returned back in case of an incomplete sale. Mortgage and guarantee asking is the traditional and ideal Islamic practice in credit sale.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.