Sale with conditions in the contract : an alternative to interest-based installment sale of cars
Fatawa Question
Alslamo Alikom, I have a lease on a car from Toyota Corp. that will expire in the next 3 weeks. I want to buy the car from a dealer who will buy the car from Toyota and sell it to me. The dealer is willing to sell me the car on what may be an Islamic financing terms. The way the deal works is that, the dealer will calculate the price of the car including interest for 3 or 4 years. Then I will pay all of the interest up front and then make monthly payments on the original price of the car for the rest of the period. Please let me know if this is Halal or not ? If not, what would be the correct way to finance the car through the dealer ? JAK
Fatwa
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Publication Date
2001-12-11
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-726799
American Psychological Association (APA)
Qahf, Mundhir. 2001-12-11. Sale with conditions in the contract : an alternative to interest-based installment sale of cars. .
https://search.emarefa.net/detail/BIM-726799
Modern Language Association (MLA)
Qahf, Mundhir. Sale with conditions in the contract : an alternative to interest-based installment sale of cars. 2001-12-11.
https://search.emarefa.net/detail/BIM-726799
American Medical Association (AMA)
Qahf, Mundhir. 2001-12-11. Sale with conditions in the contract : an alternative to interest-based installment sale of cars.
https://search.emarefa.net/detail/BIM-726799
