Fatwa #63609 August 2002South Africa
can u pay off the installments of your vehicle that was stolen with interest money
Question
my friends vehicle was stolen due to a hijacking and was never recovered. Insurance refused to pay because he did not have a satelite tracking device and did not know that he was paying a discounted premium because the policy stated that he had infact a device installed.His broker was dishonest to him. He has to bare with the loss of his vehicle without any recourse.He would like to know if it is permissible to the settle the bank(vehicle financed) with interest money
Answer
It is not permissible to settle his balance with interest money.
and Allah Ta'ala Knows Best
Moulana Imraan Vawda
FATWA DEPT.
CHECKED AND APPROVED CORRECT: Mufti Ebrahim Desai
and Allah Ta'ala Knows Best
Moulana Imraan Vawda
FATWA DEPT.
CHECKED AND APPROVED CORRECT: Mufti Ebrahim Desai