Category: Business Matters
Fatwa#: 39891
Asked Country: South Africa

Answered Date: Oct 29,2018

Title: Islamic vehicle financing in South Africa

Question

As Salaamu Alaikum Respected Mufti,

I need to buy a van to travel to work daily as the road conditions are not suitable for the vehicle I'm currently using. I don't have sufficient funds to purchase a van with cash immediately. I am thinking of making use of the banks Islamic Vehicle finance. Please recommend which types would be permissible to make use of as I do understand that the banks revise and amend these products from time to time.

 

Shukran

Answer

In the Name of Allaah, the Most Gracious, the Most Merciful.

As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

Brother in Islaam,

You may obtain the contract of the financing scheme you are interested in and forward it to us at admin@daruliftaa.net for our observation and advice.

 

And Allaah Ta’aala Knows Best.

Muajul I. Chowdhury

Student, Darul Iftaa

Astoria, New York, USA

 

Checked and Approved by,
Mufti Ebrahim Desai.

 

 

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