• Transactions & Dealings >> Business

    Question ID: 45409Country: India

    Title: Business white entry fatwa

    Question: I am a young entrepreneur having immense knowledge about biscuit making. I have worked out the project cost at about 5 crores. My father is ready to invest the same but the only problem is that he has the funds in black (cash). For setting up the factory as per government of India we require funds in as white entry. Now one person has this white amount the deal is as under: We give him 5 crores in cash; he will give us same amount in cheque through bank. But since he is giving us only entry, he is asking for a commission or muahfza @.05% per month until I repay this amount through cheque. Eventually I will return his entry amount and he will return my cash amount then. Till then I will keep on paying muhafza on written down value. Moral of the story is liya diya in practical kuch nahi bas entry ka commission diya. Can I take such entry and give him muhafza for the same?

    Answer ID: 45409

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 872/872/M=1434) In the above mentioned case, the person who has white money if he has not done any kind of dealing with you in the business like partnership or muzaribah and he only shall give you the required amount from the bank through cheque which you shall return after a period through cheque, then it is dealing him with the condition of 5% commission on it per month is interest. You should avoid taking such types of entry and giving commission on it.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India