Fatwa #834610 April 2003South Africa

I need to buy a car. Albaraka Bank's pre-Requisites I cannot meet as I do not have so much to put down as deposit. will it be permissible to take a bank loan on interest?

Question

I only have a 10% deposit for a car that's R50000. Is there any one other bank that will assist me without interest besides Albaraka ?

Answer

It is not permissible to take an interest bearing loan.

We are not aware of any bank that will offer you an interest free loan.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

#5891Finance from Albaraka Bank - one of their pre-requisites is that one has to have house-hold insurance
#19353I live in Newyork and i would like to know if i can borrow loan from a bank to buy house ?
#37957Can a person buy a car via Meethaq Islamic Bank's financing?
#19583Can I take out a loan to buy a car?
#13526I have approached the bank and explained that I want to buy a house with a loan from them that complies with Islamic Law and Principles.
#13812I have approached the bank and explained that I want to buy a house with a loan from them that complies with Islamic Law and Principles. I have asked that they buy the house for me, and agree to re-sell to me with an agreed profit,
#17049I bought a car through al-ijarah thuma al-bai'(AITAB), which mean hire-purchase. The bank claim it is Islamic concept. The concept is I choose a car from the car dealer, then I approach bank.
#16903The payment on the car loan involves interest

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