BAY' AL-WAFA(DEBT GUARANTEE SALF)
Quote - The Council of the Islamic Fiqh Academy, meeting in its seventh session held in Jeddah, Kingdom of Saudi Arabia, from 7-12 Dhul Qi'dah 1412H corresponding to 9-14 May-1992.
Having considered the research papers received by the Academy on the subject, ''Bay al-wafa''
(Debt guarantee Sale)
Having listened to the discussions held about ''bay al-wafa'' and its real nature i.e ''the sale of money on condition that when the seller returns the price, the purchaser returns to him the amount purchased''
That this sale is in fact ''loan which has generated a profit'' It is therefore a fraudulent practice of Riba,and is considered unsound by the majority of Ulema.
The Academy considering this contact prohibited in Shari'a.
All Knows best.- Unquote
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