Jamiatul Ulama KZN

One form of vehicle financing?

· 10 Rajab 1434 AH1 min readEnglish

Question

i wish to purchase a vechicle but i dont have the money to pay it immediatly. my brother has offered to purchase the vechicle add a profit onto it & resell it to me over a set period of time.

will this transaction be ok ?

Answer

It will be permissible for your brother to add a markup on the vehicle and sell it to you in installments on condition that:

a) Your brother purchases the vehicle and takes possession of it as his own vehicle.

b) He bears all risks associated with the vehicle whilst he is the owner of it.

c) It is not made a precondition that you have to purchase the vehicle from your brother upon him purchasing it.

d) The price is fixed at the time of him selling the vehicle to you.

And Allah Knows Best

Answered by
Mufti Suhail Tarmahomed
Checked by
Mufti Ebrahim Desai
View original Compare with other Darul Iftas
Questions about this ruling, answered only from the archive with sources.

Where scholars differ, it’s safer to take the more cautious view.

Fatawa SA is an independent, read-only index of fatawa already published by Jamiatul Ulama KZN. It is not a fatwa service. For your own situation, please ask a Mufti. Report an issue

For corrections or mistakes, please email us at fatawasa786@gmail.com.

Source: Jamiatul Ulama KZN — https://jamiat.org.za/one-form-of-vehicle-financing/
Fatawa SA: https://fatawa.co.za/fatwa/jamiat-7342

People also ask

Is buying a car on finance permissible?

“The loan which the bank provides the client with to purchase a vehicle or property is an interest-bearing loan. Hence, it is not permissible for one to purchase a vehicle or property through the bank, regardless of whether the…”

Mufti Online · 70 fatawa from 5 Darul Iftas on this

What the Darul Iftas say

Related fatawa