Q: I am a government employee. I got my car by signing a lease with the bank on a monthly installment for 7 years. The actuall price was 15 lacks but the bank gave it to me for 23 lacks which is too much. Now I am not comfortable with it. Is it interest as all the banks in pakistan are based on interest.
A: Lease is a different contract from a purchase. They are two different entities. You are not connected with the sale and purchase of the car. Your relationship is just the leasing. You are leasing it from the bank. So this does not affect the purchase price.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)