Fatwa #972424 September 2003South Africa

I want to know if it is permissible to finance a house or a vehicle from the bank. I heard it is permissible according to some ulema.. please give a detailed explanation..

Answer

Finance obtained through conventional banks is based on gambling and interest, hence, not permissible. However, there are banks in South Africa that operate on Shari?ah principles. We suggest you contact Al-Barakah Bank and request them to guide you.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

#47183Islamic House Financing Standard Chartered Bank Pakistan
#5891Finance from Albaraka Bank - one of their pre-requisites is that one has to have house-hold insurance
#16419If a vehicle is sold to you at the market price which is also obviously the market value of the vehicle, you finance the item through an Islamic Bank who technically purchase the vehicle from the dealer and sell it to you at a profit.
#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.
#10152Buying a Car on a fixed installment ...According to the bank (reserve bank laws) I have to insure this financed car. Would it be ok to then accept it with insuring the car?
#13486wesbank islamic finance scheme.can i have the details emailed to me as to how the transaction actually works
#15157Is purchasing a vehicle through the bank haraam because of the interest or because of the insurance?
#15048I appreciate if you can help the Mulsim umaah and give your opinion on these models of financing and investment.

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