As salaamu alaykum Mufti Saheb, I have a query and hope you would be able to clarify the rule as per shariah. I did go through the past fatwa’s on the website, however could not find soemthing which is similar to my query hence sending you this request. I had taken a car on loan in 2005. It had some down payment and the balance was to be paid in 60EMI’s. I still have about another 2years more to pay this monthly instalments. What will be the best way to resolve this ,Should i clear the balance amount in one go if i can manage or if i do not have so much funds, should i sell off the car and pay off the money or what should be done. Jazakallah
Answer:
(Fatwa: 33/33=D/1429)
If you have purchased car by loan from a bank, then this dealing included interest which is haram; therefore get rid of the curse of interest as soon as possible. It is also alright to pay the remaining amount if you can manage it. You can pay it after selling the car as well if you think it better. Also, repent to Allah and ask for His forgiveness from the dealing of interest in past.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband