Businessman has a microfinance company, he buys jewelry (including gold) from customers, they sign contract and conduct sale-purchase transaction, however, it is agreed between them, that customer can come back within certain period and buy the jewelry back at a higher price, no installments, just another separate sale and purchase transaction but at a higher price. It does not fall under Bay Al Inah, because there are no installments involved, however, it has a smell of hiyla ribawia.
I’d appreciate your view on this, is this kind of transaction permissible?
It does seem that there is a stratagem in place involving riba.
Charging more than the price paid is not an issue in itself I believe.
However, they should not have an agreement that the customer can come back within a period of time, to buy it at a higher price, especially if that agreement is binding upon either party.
May Allah’s blessings be with you in dunya and akhirah, and may Allah make you among the people of Jannat Al Firdaws.
Last but not least, so if businessman will buy the jewelry, without binding agreement to resell it back to the customer, then, it is halal transaction.
And then, if they make another new agreement to sell it back to the customer at a higher price with certain downpayment, then second transaction will also be permissible?