Fatwa #4421018 March 2020India
TBZ jewellery scheme
Question
Asalam alaikum. I would like to have a clarity on the below investment plan (https://www.tbztheoriginal.com/kalpvrushplan) offered by one the renowned jewllery stores in India. Is it permissible to invest in this place? I can share details of the plan too via. email as it won't allow me to add any attachments while posting this question.
TBZ - KALPAVRUKSHA PLAN
Presenting the TBZ Kalpavruksha plan which is an easy and smart way to purchase any TBZ- The Original jewellery. Just pay 9 equal monthly installments on the jewellery of your choice, and TBZ- The Original will pay 75% of your 10th installment.
Visit our nearest TBZ- The Original Store along with Photo ID and Address proof to start your plan. The monthly installments can be paid by cash, card or netbanking. Minimum Installment Amount is INR 3000.
Advantages with the Kalpavruksha Plan
More Value
Jewellery purchases can be planned much ahead with better value for money and benefit of ongoing offers can also be taken.
Flexibility In Payment
You can pay your monthly installment from any TBZ- The Original store in the country. It need not be just in the store where you have opened the plan.
Planning Next Purchase
With Kalpavruksha Plan it is easy to plan your anniversaries and birthdays well in advance. Your Diwali purchases can be planned much ahead of time.
Pay Through Credit/Debit Card/Net-Banking Online
You can pay your installments for your Kalpavruksha Plan through debit/credit card or netbanking.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
According to our understanding, this is a scheme offered by TBZ which allows the customers to pay for a jewellery on easy monthly instalments for 10 months, upon the completion of which the jewellery is then handed over to the customer. The transaction/sale between the customer and TBZ does not come into effect until and unless the 10th instalment is successfully made to TBZ. The money deposited therein every month prior to the final instalment will be regarded as an Amaanat (Trust) in the hands of TBZ and the deduction of 75% from the 10th instalment is a waiver from their side. This will be viewed as an act of goodwill from their side.[i][ii][iii]Accordingly, it will be permissible to benefit from such a scheme on the condition that the instalments are paid to TBZ in lieu of the jewellery itself and not in lieu of a loan that is either sanctioned by them or by any other financial institution.
And Allah Ta’āla Knows Best
Naved Akhtar Ibn Shabbir.
Student - Darul Iftaa
Shillong, India.
Checked and Approved by,
Mufti Ebrahim Desai.
00-11-1440| 00-07-2019
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[i] اللباب في شرح الكتاب (4/ 167)
لأن الثمن حق العاقد فإليه تقديره
[ii] البناية شرح الهداية (8/ 254)
ويجوز للبائع أن يزيد المشتري في المبيع ويجوز أن يحط عن الثمن
[iii] درر الحكام في شرح مجلة الأحكام (1/ 247)
وَقَبْلَ قَبْضِ ثَمَنِ الْمَبِيعِ وَبَعْدَ قَبْضِهِ جَمِيعَهُ أَوْ بَعْضَهُ يَجُوزُ لَهُ أَنْ يَحُطَّ ثَمَنَ الْمَبِيعِ دَفْعَةً وَاحِدَةً وَأَنْ يَهَبَهُ لِلْمُشْتَرِي أَوْ أَنْ يُبْرِئَ الْمُشْتَرِي مِنْهُ وَيُسْقِطَ الثَّمَنَ بِذَلِكَ وَلَا يَطْرَأَ خَلَلٌ عَلَى عَقْدِ الْبَيْعِ