• Transactions & Dealings >> Interest & Insurance

    Question ID: 149696Country: India

    Title: Bought vehicle on loan

    Question: I had taken loan to buy a vehicle and paid interest on that. Now that I regret my decision because interest is haram, can I use this vehicle now for my daily activities or should I sell it. If I sell it then what should I do with the money received. Can I use it as pure money or will it be haram.

    Answer ID: 149696

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 608/503/SD=6/1438)

    When you have already paid the amount of the vehicle with interest then you may use the vehicle. You should do taubah due to the sin of paying interest, as well as do firm intention not to involve in interest based dealings in future. There is no need to sell the vehicle. 

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India