Can i buy a car with interest?
Question
Assalumalaikum I intend buying a car and have only 2 options of purchasing it .The one option would be to buy the car from a relative and pay 25% interst - they however call this interest profit . My second option would be buying it from the bank at a lower interest rate. My question is , is either allowed ? I have no other way of buying the car ? My parents and siblings cannot borrow me the money to buy the car cash as they don't have that amount of money .Another relative could borrow me the money , i however fear that he will constantly remind me that he bought the car for me , and i'll be forever in his debt.I want to buy the car but fear that i have no option but to buy it with interest .Please advise as i really need a car.
Answer
It is not permissible to purchase a car on interest.
As an alternative, your relative may purchase the car and thereafter sell the car to you with a profit. The profit mark up may be equivalent to the interest rate.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
- Answered by
- Mufti Ebrahim Desai
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