Is it permissible to purchase car insurance in installments ?
Fatawa Question
Is it permissible to purchase car insurance in installments due to necessity when one cannot afford a one off payment. installments also have an added interest charge per month. For example : a one off payment will cost 1000 pounds and in 12 installments it’ll cost 1200 pounds. As insurance contains elements of interest could this be considered to be an extension of that interest which could be deemed permissible out of necessity. There is also another possibility I have come across on a website : http://www.moneysupermarket.com/c/news/the-best-way-to-pay-for-car-insurance/0013195/ Would it be permissible to opt for this option.
Fatwa
Click hereto view more
Publisher
al-Qalam Shariah Scholar Panel
Publication Date
2017-02-02
Country of Publication
United Kingdom
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-726555
American Psychological Association (APA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2017-02-02. Is it permissible to purchase car insurance in installments ?. . Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-726555
Modern Language Association (MLA)
al-Qalam Shariah Scholar Panel (Manchester, England). Is it permissible to purchase car insurance in installments ?. Manchester England : al-Qalam Shariah Scholar Panel. 2017-02-02.
https://search.emarefa.net/detail/BIM-726555
American Medical Association (AMA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2017-02-02. Is it permissible to purchase car insurance in installments ?. Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-726555
