Am I allowed to rent out my gold and silver jewelry and receive payment for it?
Am I allowed to rent out my gold and silver jewelry and receive payment for it? Will it be considered interest?
Bismillaahir Rahmaanir Raheem.
Alhamdulillaahi was salaatu was salaamu `alaa Rasoolillaahi wa `alaa aalihi wa sahbihi wa man waalaahu, wa ba`d:
Yes it will be permissible for you to receive payment for lending out your gold and silver jewellery, because it is being rented out as goods for the purpose of wearing and not as money, therefore it will not be considered as Ribaa.
Imaam As-Sughdi Rahimahullaah says in An-Nutafu Fil-Fataawaa:
“Renting out jewellery is permissible for men and women, if it is rented out for a set time with a set price, and once the set time is reached then it becomes necessary to pay the set amount of money regardless of whether it (the jewellery) was used or not.” [i]
Imaam At-Tahaawi Rahimahullaah says in Mukhtasaru Ikhtilaafil `Ulamaa:
“None of the jurists considered it detestable except (Imaam) Maalik (Rahimahullaah), for he considered it detestable but did not forbid it.” [ii]
And Allaah knows best.
Ubaidullah Ibn Adam Aal-Ebrahim.
Checked and Approved by:
Mufti Rashid Ahmed Moosagie.
Saturday 27th Rabee` Al-Awwal 1434 – 9th February 2013.
[i] واجارة الْحلِيّ جَائِزَة للرِّجَال كَانَت اَوْ النِّسَاء اذا اسْتَأْجرهَا فِي مُدَّة مَعْلُومَة بِأَجْر مَعْلُوم فاذا مَضَت الْمدَّة لزمَه الاجر سَوَاء استعملها اَوْ لم يستعملها. – النتف في الفتاوى للإمام السغدي رحمه الله.