Purchasing on credit
1. It is permissible to purchase an item on credit. However, it is necessary to specify a period of time, i.e. you will pay the amount after 15 days, after one month or after four months – whatever the case may be. If a person does not specify any period but merely says: “I don’t have the money now, I will pay you later”, this has two aspects to it:
(i) He says: “I will purchase this on condition that I will pay you later.” In such a case the transaction will be invalid (faasid).