Home » Hanafi Fiqh » Muftionline.co.za » BMW 523i with BMW Select Finance: Lower premiums, risk-free motoring!

BMW 523i with BMW Select Finance: Lower premiums, risk-free motoring!

Answered as per Hanafi Fiqh by Muftionline.co.za

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

Bismillaah

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)

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.

Read answers with similar topics: