Do you know that “Flipping”, for example booking an off-plan property or new car and then selling this “Booking/File” before taking delivery, is forbidden in Islam? (God’s proposed structure – part 8)
Sahih Al-Bukhari Hadith 2132 (What is stated about the selling of foodstuff and its storage):
Ibn Abbas (RAA) Narrated:
“The Prophet (PBUH) had forbidden that the foodstuff be sold without it being measured and transferred into one’s possession.” I questioned Ibn Abbas, “Why is that?” Ibn Abbas answered, “It would be similar to selling money for money, as the foodstuff would not have been transferred over to the first purchaser who would now be the current seller.” [Sahih Al-Bukhari Hadith 2132]
So in an Islamic Economy one can not resell the product till it is in one’s possession, duly weighed, quality verified and physically in one’s place of business. This forbids the participation of unnecessary financially strong middlemen/agents and ensures optimal setting of equilibrium prices and utilisation of resources.
Do you want to know more of what is allowed and what is forbidden ? How should the economy and finance on the whole be structured?
The book “Islamic Finance and Trade: God’s Economic System”, is the culmination of over 25 years of research, to present the answer to the above question. You are kindly invited to Read, Review and Recommend the book. It is available at https://a.co/d/f1jTXvP and on all Amazon sites.
