Home » Hanafi Fiqh » Askimam.org » Is it permissible for me to make use of an Islamic Vehicle Finance?

Is it permissible for me to make use of an Islamic Vehicle Finance?

Answered as per Hanafi Fiqh by Askimam.org

I need to buy a van to travel to work daily as the road conditions are not suitable for the vehicle I’m currently using. I don’t have sufficient funds to purchase a van with cash immediately. I am thinking of making use of the banks Islamic Vehicle finance. Please recommend which types would be permissible to make use of as I do understand that the banks revise and amend these products from time to time.

Answer

In the Name of Allah, the Most Gracious, The Most Merciful.

As-salaamu `alaykum wa-ramatullahi wa-barakatuh.

We are not aware of any Shariah Compliant Vehicle finance product. If anyone claims having such a product, you may obtain a copy of the contract and forward it to us for our observations.

And Allah Ta`ala Knows Best.

Hussein Muhammad.

Student Darul Iftaa

Arusha, Tanzania

Checked and Approved by:

Mufti Ebrahim Desai.

This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

Read answers with similar topics: