Selling a car that has been financed by the bank

· 20 Rabiʻ II 1436 AH1 min readEnglish
Business and DealingsInterest and GamblingInterest bearing loans & Transactions

Question

I bought a car in India by bank finance 8 month ago. Now I realised that it is haram and I have no money to pay off the loan at once and now I want to sell the car but the bank does not allow me to sell the car (because the owner is still the bank) until I pay off the loan. But (secretly) if I sell the car under the condition that when I pay off the loan I will transfer the registration to the customer in writing and now the customer has to give the instalments monthly to me for the next 6 years 4 month (but the bank take it automatically from my account from my salary because the bank does not know him). Then will I be relieved from interest (because the car is in my name and I am still involved in it).

Answer

Yes, it is permissible.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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