Fatwa #36858 September 2001South Africa

Can we sell & buy items at an aution.

Question

If I sell an item and put a reserve price of say R100 and the bidders bid R200, can I conclude the sale at R200? Likewise can I bid for an item and conclude the sale at a price higher than the reserve?

Answer

It is permissible to buy and sell by means of an auction. That was also
practised by Rasulullah (Sallallaahu Alayhi Wasallam).

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai
FATWA DEPT.

#40065Buying and selling Valentine’s items
#16675Can the purchaser pay a certain amount to the seller to reserve the right to purchase the item?
#14564If the customer pays cash for the item, he pays R100. If he takes it on terms, He will pay R10 a month for 12 months=R120 in total
#37313Buying and selling online
#17427I am currently working in a department store. They sell many different items like food, clothing, medicine, jewellery, electronics, etc...
#37953Is bidding/auction permissible in Islam?
#13779For army we have a CSD department which sells cars on higher purchase concept. Installments with different combinations of down payment are distributed over different years.
#7935Is the setting of prices different to the market price (incl. murabahah) halaal? The ‘murabahah’ method of financing done by modern ‘Islamic’ banks is a branch of riba

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