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I want to know that can I purchase a two wheeler bike on the basis of finance. In which rate of the interest is predefined and fixed. And same installment (included with interest) will be paid one by one month. And if I late or not paid any month’s installment then extra charges will b apply. Is this lawful or unlawful? Please tell me shortly.

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
I want to know that can I purchase a two wheeler bike on the basis of finance. In which rate of the interest is predefined and fixed. And same installment (included with interest) will be paid one by one month. And if I late or not paid any month’s installment then extra charges will b apply. Is this lawful or unlawful? Please tell me shortly.

Answer

(Fatwa: 242/135/H=1433)

It involves interest which is haram. However if the financer or any of his wakil buys the car and takes it into his possession and then sells you after adding profit amount and you buy it and pay it in installments then it is lawful.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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