AskImamDarul Iftaa Mahmudiyyah (AskImam)

Can we sell & buy items at an aution.

Fatwa 3685English
Finance and Commerce

Question

If I sell an item and put a reserve price of say R100 and the bidders bid R200, can I conclude the sale at R200? Likewise can I bid for an item and conclude the sale at a price higher than the reserve?

Answer

It is permissible to buy and sell by means of an auction. That was also practised by Rasulullah (Sallallaahu Alayhi Wasallam).

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai
FATWA DEPT.

Answered by
Mufti Ebrahim Desai
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