Q: Bmw has a deal at the moment structured as follows:
The BMW 523i is now available with BMW Select Finance – a leading financial option that places a Guaranteed Future Value on your car. Offering you lower premiums with the certainty of risk-free motoring and the luxury of choosing to keep your car or trade-in after 36 months.
BMW 523i (8-SPEED AUTOMATIC)
Vehicle price (incl. CO2 Emissions Tax): R494 229
Total cost to customer: R265 387
Monthly payment: R5 999
Deposit of 10%: R49 423
Monthly service fee: R57
Interest rate (fixed): 6.83%
Period: 36 months
Guaranteed Future Value: R286 500
A: If the price of the vehicle is stipulated from the inception of the sale and it is not subject to any type of fluctuation then this sale will not be an interest based transaction in accordance to Shar`ee principles.
البيوع قال البيع ينعقد بالإيجاب والقبول إذا كانا بلفظي الماضي مثل أن يقول أحدهما بعث والآخر اشتريت (الهداية 3/ 18)
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)