Transactions & Dealings >> Interest & Insurance

Question ID: 36932Country: India

Title: I have purchased a car from my friend on which loan was taken. He was unable to repay his loan installment so the bank issued a notice to forfeit his car

Question: I have purchased a car from my friend on which loan was taken. He was unable to repay his loan installment so the bank issued a notice to forfeit his car. I bought it from him with the deal that he should sell it in entire amount outstanding as on date which includes loan interest plus principle. Is this deal allowable? I already have one more car.

Answer ID: 36932Posted on: Sep 1, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 398/216/H=1433) According to Shariah your deal was right.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

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Title: I have purchased a car from my friend on which loan was taken. He was unable to repay his loan installment so the bank issued a notice to forfeit his car

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