Ruling on cancelling part of the debt in return for immediate payment of another part
In the Name of Allaah, The Most Merciful, The Ever Merciful. May Allaah Bless your efforts and Reward you. My question is: I am a merchant and have a store, and a client takes commodities from me on credit, and his debt has risen to 40,000 dollars. He repays in installments and takes goods on a weekly basis. One day, I needed 10,000 dollars and said to him: "Give me 10,000 dollars in cash now, and I would reduce them as 11,000 (instead of 10,000) from your debt." Please advise me whether this dealing is valid or invalid. May Allaah Reward you.
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This dealing mentioned by the questioner is impermissible, for it is to cancel part of the debt in return for immediate payment of another part of that debt. That is impermissible in the sight of the four leading Imaams, as it is usury, known among the scholars under the rule: 'Reduce (part of the debt) and hasten (to pay some thereof prematurely before the due time).' According to the composers of the Juristic Encyclopedia: The majority of the scholars of Fiqh are of the opinion that if one owes another a deferred debt, and the debtor says to the creditor: 'Reduce part of the debt and I would immediately pay you the remaining portion thereof", that this is impermissible in the sight of the Hanafi, Maaliki, Shaafi‘i and Hanbali scholars. It was also disliked by Allaah Knows best.
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