Vehicle finance with Wesbank and Albaraka bank

Q: Is vehicle finance with Wesbank or Albaraka bank permissible?

Bismillaah

A: We are not yet clear about the workings of these banks, for we see striking similarities of riba and interest in both.

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

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)


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This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

Tags: Bank, Interest, RIBA

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