QUESTION:

Someone has a £100 voucher for a specific store (no expiry date). Is it permissible for them to sell it for cash at a lower price? ANSWERED BY ABU FAJR حفظه الله: What is safer is that he purchases the voucher for the same value because the voucher يقوم مقام النقد وثمنيته من جنس النقد المتداول في البلد stands in the place of a currency and has monetary value similar to that of the currency in use in that country The Lajnah Ad-Da'imah issued a Fatwa (13/ 333) stating: لا يجوز بيع ولا شراء سندات النقود الحالَّة والمؤجلة، بأقل مما فيها، أو أكثر مما فيها؛ لأن ذلك يعتبر من صريح الربا. “It is not permissible to buy or sell vouchers upfront or by deferring payment, if bought/sold for less or more than their actual value; because that is a clear form of Ribaa.” [end quote] The scholars have issued similar verdicts with regards to buying cheques for less than their actual value in cash. Likewise, I once asked Sheikh Sa'd Ash-Shithri about selling invoices of a store for less than its value in cash. He said this falls into Ribaa. He didn't clarify whether it was from the angle of Ribaa An-Nasee'ah or Ribaa Al-Fadhl, but the point is he gave it the same ruling as the currency of the country. And Allah knows best _ CONCLUSION: It is permissible if bought/sold at the same value, but falls into Ribaa if bought/sold for more/less than the actual value.