I want to buy a car but on installments, i.e. on lease. Does it involve any Riba? There are many Islamic banks that claim that their lease system is without any interest.
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Modified on: Fri, Jan 15, 2021 at 11:22 AM
QUESTION:
I want to buy a car but on installments, i-e on lease. So does it involve any Riba? There are many Islamic banks that claim that their lease system is without any interest. i heard one mufti say that the extra money you are paying is for car a thing but not on the money, what are your thoughts on it? Like the car is of 10k dollars but on installment i am paying total 12k dollars which is fixed. Your thoughts on it?
ANSWER:
https://www.assimalhakeem.net/i-want-to-buy-a-car-but-on-installments-i-e-on-lease-so-does-it-involve-any-ribathere-are-many-islamic-banks-that-claim-that-their-lease-system-is-without-any-interest-i-heard-one-mufti-sb-that-th/
https://www.assimalhakeem.net/can-i-lease-a-car/
https://islamqa.info/en/answers/99799/ruling-on-buying-by-hire-purchase
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