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Cash Advance From A Company
السلام عليكم!
There’s a freelancing company which has feature called advance cash, which is available to only limited and selected individuals, based on their performance, the brief description of what this is and how it works, according to them, is as follow:
Cash Advance gives our selected sellers the option to receive an on-the-spot cash advance to grow their business. The advance is immediately deposited into their Personal Balance and is available for withdrawal.
There is no pressure to pay the Cash Advance, especially since no interest is charged. The way you pay it back is with your future earnings—for every sale you make as a our company’s seller, 40% of your earnings is used to pay the Cash Advance in full. When you don’t have earnings, you don’t pay the Cash Advance.
How it works:
In exchange for a cash advance, you agree to sell a set amount of your future Company earnings at a discount. For example, we as a Company could give you a cash advance of $1,000 to purchase $1,136 of your future Company earnings.
I hope you have read the above brief description, now, My question is that can we take it?
Thank you!
جَزَاكَ ٱللَّٰهُ خَيْراً کثیراً.
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8 Replies
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Cash Advance From A Company
updated 6 months, 3 weeks ago
2 Members
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8
Replies
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In principle, all financial transactions are permissible in Islam, unless there is an aspect of injustice or another immorality. As long as you can avoid that, you can conduct any transaction needed using your intellect and common sense.
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Thank you for replying.
So given the conditions, we can take the cash advance, right?
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You can apply the principle to your situation and determine that for your own self. From what I read and understood, I do not see anything impermissible.
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If I want to go on a trip but I don’t have enough money, can I take the cash advance and use it for my trip? By this I mean that can I take it to do something that’s not necessary but I want to, like a trip etc.
Thank you!
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That is for you to decide using your intellect and common sense. Religious principle for financial transactions is what is mentioned above.
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Thanks a lot for your time, some people were saying that even the company says that they are buying your future receivables from you at a discount with ready advance cash and claims that there’s no interest, and the overall transaction should not be considered as a loan, there is no set amount of time in which it should be return, it is like if you earn you can return, but, people are saying that there’s is interest as they will get more money in return, so, I just wanted to clarify that.
Thank you!
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There will always be varying viewpoints. This is why it is important to understand the principle. The principle does not prohibit anyone from earning more money.
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Thanks a lot.
Now I understand that there’s nothing wrong in this particular scenario from Islamic point of view.
It is up to one’s own preference if he wants to take the cash advance or not for whatever reason, but, from the perspective of Islam there’s nothing wrong in this and there’s no restrictions on the individual whether he takes it for a need or for some other use.
Thank you for your time and help.
جَزَاكَ ٱللَّٰهُ خَيْراً کثیراً.
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