Rules of Checks | Islamic Laws by The Leader Ayatullah Ali Khamenei
Rules of Checks
Q1934. What is the ruling in the matter of selling post-dated checks for less than their nominal value for cash?
A: There is no objection in selling a post-dated check to another person for an amount less/more than its nominal value. However, it is problematic, or rather not permissible to borrow money and give the creditor a post-dated check whose nominal value is more than the debt. This is a riba-based loan and Haram although it is not remote that the very loan is valid.
Q1935. Can the amount of the check be considered cash, so much so that the debtor can say that they settled the debt by giving it to the creditor?
A: The check cannot be treated in the same way cash can. The settlement of the debt, by way of writing a check to the creditor or the seller is dependent on whether or not receiving it is considered as receiving its amount. This, however, is governed by different circumstances and people.