Mansoor Danish – Is it permissible to Pawn our Jewellery
AI: Summary ©
A speaker discusses the use of Islamic banking and finance inpawn shops, stating that there is nothing wrong with it, but it is a temporary system where customers deposit their guarantees as a guarantee of their return. The pawnshop is demanding more money, which the customer cannot afford, but the lender will ask for more money to cover their liability.
AI: Summary ©
So I'm not going to lie to you about our cattle. We had a few questions on the subject of Islamic banking and finance. So I thought we'll just quickly take some of them. The first question which has been asked is on bonding your jewellery in a pawn shop, is this permissible? Yes, there's absolutely nothing wrong in using your jewellery and bonding it in a pawn shop in exchange of which they pay you some money. And most of the times the value of the journey is more than the money that is given to you. But then this is not a sale transaction, which is taking place. Rather, this is just a temporary arrangement as a system of collateral where you deposit some of your belongings as
security and as a guarantee that you're going to come back and pay the money back. What is not permitted, however, is that when you come back with the money and the the lender, the one who lent you the money, the pawnshop starts demanding you more money that will not allow whatever has been agreed as per the contract stipulated that is the money that you are going to them and that is the money that you need to pay them back and allow most best