- EN (English)
| Fatwa ID: | 85519 |
| Title: | I want to buy a car by the bank |
| Category: | Financial Transactions |
| Scholar: | Dr. Main Khalid Al-Qudah |
| Date: | 09/18/2011 |
Question
I want to buy a car but i don't want to take a loan so I'm questioning what is the right (Islamic way)to be in the contract with the bank, that I will paying off the money for it, and also I'd like to know which bank in Egypt that put Islamic conditions in the contract to fit the right way. Some people recommend for me Bank El Baraka, so please inform me whether they are doing their contracts in the right Islamic way or not?
Answer
Alhamdu Lillah
If you reside in Egypt, it is better to ask your scholars there, as they know more in this regard. But if you live in the US, you can finance through any bank if the offer is %0 APR. And if not, you can (capitalize the interest) and buy the car with a higher price for a long period payment plan.
