FNB Vehicle Finance Islamic Product
Question
Aslm
Durban South Toyota has deal, R30000 deposit, R4000 monthly for 72 months, done in conjunction with FNB Islamic Finance. Is such a deal permissable?
Jazakallah
Slmz
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuhu
Kindly submit the following information in order for us to issue a ruling:
1. FNB terms and conditions
2. Insurance facility structure – priced with instalment or externally
And Allah Ta’āla Knows Best
Ismail Desai,
Darul Iftaa
Checked and Approved with the following comments from Mufti Ebrahim Desai:
While we have devised the Ijarah contract of FNB Islamic Finance during its inception, and supervised it until being on the Shariah Board of FNB, we do not know if the contract has changed. The contract devised by us included the insurance amount in the actual instalments. A separate insurance contract out of the monthly instalments is not Shariah Compliant.
- Answered by
- Ismail Desai
Where scholars differ, it’s safer to take the more cautious view.
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/36487
Fatawa SA: https://fatawa.co.za/fatwa/askimam-36487
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