Buying properties on interest loans : offers with zero interests

Fatawa Question

Assalamu, I’m Firoz Indian, now working in Saudi Arabia. There is one electronic shop they offer 1 year installment with some % of interest. I know it is Haram, but there was one month special offer that 0 % interest shopping. When I checked with them they explained that during this one month their sales will increase double and double because of this offer and from their profit they will pay to bank some certain profit share because bank is paying their amount. I have purchased one items thru this scheme. Some people are saying it is also Haram because bank is involved and amount paying by bank etc. etc. could you please clear me is it Haram or not because we paid only cash sales price, no extra amount ?

Fatwa

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Publication Date

2008-10-14

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Supply and demand
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-729716

• APA
• MLA
• AMA