Fatwa #398903 March 2018South Africa
Is it permissible for me to make use of an Islamic Vehicle Finance?
Question
I need to buy a van to travel to work daily as the road conditions are not suitable for the vehicle I'm currently using. I don't have sufficient funds to purchase a van with cash immediately. I am thinking of making use of the banks Islamic Vehicle finance. Please recommend which types would be permissible to make use of as I do understand that the banks revise and amend these products from time to time.
Answer
In the Name of Allah, the Most Gracious, The Most Merciful.
As-salaamu `alaykum wa-ramatullahi wa-barakatuh.
We are not aware of any Shariah Compliant Vehicle finance product. If anyone claims having such a product, you may obtain a copy of the contract and forward it to us for our observations.
And Allah Ta`ala Knows Best.
Hussein Muhammad.
Student Darul Iftaa
Arusha, Tanzania
Checked and Approved by:
Mufti Ebrahim Desai.