Contract in Islam. What should I do?

[truthseeker7]

As'salam brothers and sisters,

I am commodities traders. As you know, commodities prices are moving every day, ups and down. 1-2 months back, I have contract with my buyers. I am selling them commodities products. I did not buy the goods yet as I am expecting market to drop but unexpectedly, with Russia-Ukraine war, price has gone up so much.

I need to deliver the goods in March and April but I do not have it now. If I buy at current price, I will be in lost, the cash flow will be negative. I will end up in heavy debt.

I am seeking for your advices on what should I do as a muslim? I do not want to take any haram money to feed my family. Please give me advise in islamic way, how should I deal with situation.

Thank you in advance.

 

[Flos]

As'salam brothers and sisters,

I am commodities traders. As you know, commodities prices are moving every day, ups and down. 1-2 months back, I have contract with my buyers. I am selling them commodities products. I did not buy the goods yet as I am expecting market to drop but unexpectedly, with Russia-Ukraine war, price has gone up so much.

I need to deliver the goods in March and April but I do not have it now. If I buy at current price, I will be in lost, the cash flow will be negative. I will end up in heavy debt.

I am seeking for your advices on what should I do as a muslim? I do not want to take any haram money to feed my family. Please give me advise in islamic way, how should I deal with situation.

Thank you in advance.

Alaikumu salam brother,

I think you should ask a scholar about this.

In the meantime, make loads of dua to Allah, especially those against debt and for halal provisions like this one:

 

[Supernova]

As'salam brothers and sisters,

I am commodities traders. As you know, commodities prices are moving every day, ups and down. 1-2 months back, I have contract with my buyers. I am selling them commodities products. I did not buy the goods yet as I am expecting market to drop but unexpectedly, with Russia-Ukraine war, price has gone up so much.

I need to deliver the goods in March and April but I do not have it now. If I buy at current price, I will be in lost, the cash flow will be negative. I will end up in heavy debt.

I am seeking for your advices on what should I do as a muslim? I do not want to take any haram money to feed my family. Please give me advise in islamic way, how should I deal with situation.

Thank you in advance.

Asalaamualaykum, As usual with Islamic Economics, the "devil is in the detail" so to speak.

You would have to speak to a scholar and give all the details, and trust me it would be a back and forth issue - so its best you do this in a verbal sitting.

Scholars always have counter questions in issues like these before a ruling is given.

Best you speak to a scholar.

 

[truthseeker7]

Thank you brother and sister for the reply.

i am contacting a few famous scholars in our country, none of them reply me yet. But If I go to masjid, the imam does not know about the case. They cant answer as they dont understand much on the business side.