• Transactions & Dealings >> Interest & Insurance

    Question ID: 46772Country: India

    Title: Purchasing already financed car from others

    Question: One of my known persons has purchased a car through bank finance at a fixed rate of interest. Now he wants to sell the car. I would like to purchase this car. Can he transfer this loan to my name so that I can pay the amount to the bank in EMI's . Ex- My friend fixed car price for 5 lakh, 4 lakh was already financed by bank to him. I will pay 1 lakh to him and he transfers his loan of 4 lakh to my name. Is it lawful for me?

    Answer ID: 46772

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 1215/1001/H=10/1434) As the dealing was haram for the friend, in the same way it shall be haram for you.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India