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Is it permissable to take islamic vehicle finance through various banks ag. Absa.

Answered as per Hanafi Fiqh by Askimam.org

is it permissible to take islamic vehicle finance through various banks ag. Absa.

Answer

In the name of Allah, Most Gracious, Most Merciful


Assalaamu `alaykum waRahmatullahi Wabarakatuh

The Darul Iftaa has only approved the Ijaara (leasing) product in the vehicle finance category which is marketed by Wesbank Islamic finance.

Products offered by the other banks such as ABSA etc. are not approved by the Darul Iftaa. We had studied their contracts and found certain issues to be un-Islamic. Subsequently, the Darul Iftaa attempted to engage with the Shariah Board of ABSA Islamic Division to discuss these un-Islamic issues in their contract but they were not prepared to engage with the Darul Iftaa.

And Allah knows best

Wassalam u Alaikum

Muhammed Zakariyya Desai,
Assistant Mufti

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah


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

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