Interest loans to buy a car : a loan to buy a car

Fatawa Question

Assalamu Alaikum Wa Rahmatullah Wa Barakatuh. I have moved to the United States recently to continue my study here. I need to get a car to be able to fulfill my daily life. I don't have enough money to pay cash for the car (nobody here in the States pay cash for the car because it is almost impossible to secure the cash flaw). Does the Islam allow us to finance (get money from a bank with interest to BUY the car, and pay it off within 3 years or more), or lease (get money from a bank with interest to rent the car, and also pay it off within 3 years or more). I appreciate your great help, Gazakum Allah Kull Khair.

Fatwa

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Publication Date

2002-05-11

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Financing
• Loans
• Purchasing
• Automobiles

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-725794

• APA
• MLA
• AMA