I am planning to lease a car in Switzerland. Due to non-availability of Islamic loans, I have to go with the general leasing option available with the dealer. Can you please tell me what type of leasing is Halal?
Is it possible for you to look at my leasing contract and analyze if it is Halal?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
There are Islamic Finance Windows in Switzerland which offer Islamic Finance products like Faisal Private Bank, UBS (Switzerland), etc.
Islamic Banks generally offer a “Rent to Buy” facility where a prospective client may hire a vehicle/car over a period of time and thereafter receive an option to purchase the car once of for a minimal sum of money.
Nevertheless, we have not analyzed any of their Islamic Finance products, therefore we cannot comment on their Shari’ah Compliancy.
We advise you to obtain the contractual agreements of the product you wish to purchase and submit it to us for our analysis and review.
And Allah Ta’āla Knows Best
Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Concurred by,
Moulana Abdul Azeem Bin Abdul Rahmaan
Student Darul Iftaa