Q: The matter is that I have bought a bike. The original price of the bike is almost 40,000 rupees. But I have bought this bike on installments. So, I have paid 24,000 rupees in advance to owner of the shop and remaining 24,000 rupees I have to pay in installments of 8 months with monthly amount of installment is 3000. So, basic thing I want to ask Is this thing came into the radar of Interest according to teachings of Islam or not? I am looking forward for your detailed answer anxiously with complete proof according to teachings of Islam. I shall be very thankful to you.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Ebrahim Salejee (Isipingo Beach)
This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.