Question ID: 28243
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Assalamualaikum

I have some questions on a business deal and need to make sure that i do this the islamic way. We agreed on a price which was calculated as follows : Stock,Furniture and fittings and also a payment for the owners effort in establishing the business. We now counted stock and found this to be much lower and the estimate. The owners argument is that the original price remains as he had another offer which is higher,The sales is higher and we never implemented our original agreement. The business is good but i have some questions that are bothering me.
I feel that i am promoting something that is not fair. We did agree to price based on a stock value and if i agree to pay the extra amount I am encouraging a process that is not Islamic / fair.

The second question is i do not want to have any bad feelings / thoughts about the person selling me the business but because i am forced to pay the higher amount there will always be something at the back of my mind – that the owner did not keep to the original deal.
I did take over the business a few months ago but the deal was canceled because of some disagreement. The owner did agree to offer me the business at the same price but we know found that the stock is not what we estimated. The owner was also surprise at counted value.

Salaams

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Asked on September 29, 2008 12:00 am
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Private answer
The deal is not valid. Renegotiate this deal with proper accounting procedures and time values
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Answered on September 29, 2008 12:00 am