Buying properties on interest loans : car financing

Fatawa Question

Assalamu Alaikum. A belated Eid Mubarak to you. I hope that InShaAllah you are doing well. I would like to know regarding car financing. I am currently in need of a reliable minivan (with 3 young kids) but don’t have much money to pay a reliable pre-owned minivan. I have an option of leasing for 3 years with about $ 3000 down payment. Currently, Honda is offering low financing rates. There is currently deals on Honda for 0.9 % (36 month 1.9 % (36-60 months). Toyota deals are for 0.9 % (60 months). My question is, whether Islamically the financing on such low rates would be considering okay or not ? Jhazak Allahu Khair, Humayun

Fatwa

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Publication Date

2012-08-24

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Financing
• Automobiles
• Usury

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-729862

• APA
• MLA
• AMA