Islamic Banks

Q: I wanted to ask that I heard from the son of mufti taqi usmani that islamic banks leasing for cars is halaal and so did I read in the book of mufti taqi usmani about murabaha that the bank can charge profit or mark up if paid in instalments. So I wanted to ask that the banks do the same but they write interest and so do these finance companies they buy you the car and charge interest if paid in instalments. So I am confused.


A: It will not be right for us to be the spokesperson for the Islamic bank. It will be good if you find out from them as to what they refer to when they say muraabahah. After you inspect it you will know whether it falls under the shar`ee definition of riba or not.

And Allah Ta’ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)