Transactions & Dealings >> Interest & Insurance

Question ID: 36454Country: India

Title: I want to know that can I purchase a two wheeler bike on the basis of finance

Question: I want to know that can I purchase a two wheeler bike on the basis of finance. In which rate of the interest is predefined and fixed. And same installment (included with interest) will be paid one by one month. And if I late or not paid any month's installment then extra charges will b apply. Is this lawful or unlawful? Please tell me shortly.

Answer ID: 36454Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 242/135/H=1433) It involves interest which is haram. However if the financer or any of his wakil buys the car and takes it into his possession and then sells you after adding profit amount and you buy it and pay it in installments then it is lawful.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

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Title: I want to know that can I purchase a two wheeler bike on the basis of finance

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