Lending someone money to purchase a car
Question
My question is if I was to buy a car for someone which had a value of £15000 which is based as a loan from me to the other person and they will pay me back in monthly instalments until I get my full money back, is this considered as RIBA (Interest)?
Answer
If it is an interest free loan that you are giving him and he will not repay you anything more than the loan, it will be permissible.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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