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Fatwas / Sales Fatawa / Tawarruq using minerals.

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Question

What is the ruling on tawarruq by way of buying minerals from banks and paying the price on monthly installments?

حكم تورق المعادن

Answer

Praise be to Allah, and may Allah’s peace and blessings be upon the Messenger of Allah, his family and his companions.

To proceed:

I think that these practices by banks are ways of circumventing interest. These are stratagems on prohibited things because the buyer has neither motive nor intention of buying the mineral. Moreover, the buyer doesn’t know anything about the mineral and does not hold it, hence these stratagems are not permissible.

Your brother,

Dr. Khalid al-Mosleh

02 / 01 / 1425 AH


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