My question is regarding Auto Financing from Islamic Banks.
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As Salaam Aleikum wa Rahmatullahi wa Barakatuh.
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One of our brothers/sisters has asked
this question:
Assalam
O alaikum
My
question is regarding Auto Financing from Islamic Banks like Dubai Islamic Bank
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Answer:
Loan islamic bank
In the name of Allah, We praise Him, seek His help and ask
for His forgiveness. Whoever Allah guides none can misguide, and whoever
He allows to fall astray, none can guide them aright. We bear witness that
there is none worthy of worship but Allah Alone, and we bear witness that
Muhammad (saws) is His slave-servant and the seal of His Messengers.
Your Question: they
will give car loan on profit base is it fine
Beloved brother, it is not the taking of a loan which is
prohibited in Islam; but what is categorically forbidden, prohibited and
declared absolutely ‘haraam’ by Allah and His Messenger (saws) is the indulgence
of one in the crime of ‘riba’ or interest.
Thus if one wishes to take an interest-free Shariah
compliant loan from any individual or an Islamic Financial Institution, there
is absolutely no harm in taking such Shariah-compliant loans in Shariah.
Your Question: …..or
I will go for used car on cash?
Provided the loan one seeks is Shariah compliant and
interest-free, to buy a car through a Shariah compliant loan or buy it through
outright cash is entirely upto the individual, his financial ability, his choice,
and his requirement, etc.
Whatever written of Truth and benefit is only due to
Allah’s Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only
Source of Strength.
Your brother and
well wisher in Islam,
Burhan
Wister