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24 fatwas

  • Purchased Household Products by Installments from Bank Date: 31-1-2019

    Assalamualikum,My name is Mustafa and I am from Cambodia. I would like to have some questions regarding Riba.I used to purchase some household products for my home by installment payment with the bank. In the past I didn't realize that this kind of purchase was associated with Riba. Someone told me that when you make the purchase, as long as you don't.. More

  • Ruling on ‘hire-purchase’ sale Date: 21-6-2017

    Assalaamu alaykum. I would like to know whether it is permissible to work for a company that sells electronic goods on hire-purchase (with a monthly payment), where the price is inclusive of an interest element charged from the customer (higher than the cash price). I will be responsible for setting the price, advertising, selling the product to consumers,.. More

  • Maaliki view on buying and selling by installments Date: 10-11-2016

    Assalaamu alaykum. I want to know if there are differences of opinion regarding selling or buying by installments in the Maaliki School of Thought. I would like to know what the position of ancient scholars who lived in the past, including Imam Maalik and those who came after him, was, as well as the position of the contemporary scholars of the Maaliki.. More

  • Imposing fines for late installment payments is Riba Date: 12-11-2014

    I am going to buy a car and the process is as follows : The customer chooses a car from the showroom, then the invoice for the car is issued in the name of the bank, and the car is purchased in the bank's name, then it is re-sold (by the bank) to the customer with a profit margin. The bank buys the car before it re-sells it to the customer with an increase.. More

  • Price increase in selling by installments has no maximum Date: 30-1-2014

    Is it permissible to buy and sell in installments, taking into consideration that such a transaction increases the commodity’s price in different rates? Are there specific conditions for selling by installments; such as the type of the commodity, the amount of the installments, the rate of increase, time interval, and so on? Please advise. May Allaah.. More

  • Buying a car through a finance company Date: 1-7-2013

    I would like to buy a car through a finance company paying a down payment and rest will be in 36 months installments. My question is, there will be an interest calculation on this deal. Hence the car company tied up a deal with a certain finance company, i will not able to go for any other finance company. Moreover, i also working in the same car company.. More

  • Wants to take a car on installments from a Riba-based bank Date: 25-11-2012

    Assalam u Allikum ! I want to ask one question regarding taking new car on installments. I am living in China , there is no Islamic banking in the China even though many Muslims are living here , but all normal commercial banking are available. I want to buy a new car for that I need to pay the 30% down payment of the total price with some additional.. More

  • The difference between the permissible and forbidden form of selling by installments Date: 19-7-2011

    In the name of Allaah, the Most Merciful, the Ever Merciful I want to buy a car to use for work via the bank by installments and at a rate of interest. Is that forbidden? Should it be forbidden, what is the difference between it and the selling by the installments for a lawful rate of increase? What is the Sharee‘ah-sanctioned method of buying.. More

  • Buying on installments is permissible; the seller of checks will bear the sin Date: 9-5-2011

    I made a deal with a contractor to build a house based on installments. We agreed that I would pay him an amount of money as a deposit, and then I would pay the rest of the money in installments after he completes the building. The contractor told me that he would sell the checks that he receives from me to the bank. I will not pay any additional.. More

  • An Islamic bank taking a specific interest rate when selling a car Date: 12-4-2011

    Buying a car from islamic bank which states clearly that they will take 4.25% interest rate over 5 years ....is it halal or haram to take car through such bank. On such car under installments of bank , can i go to umrah or hajj ?.. More

  • A Muraabahah installment sale with late fee charge Date: 21-1-2010

    Purchasing a house in USA through Murabaha contract: Assalamu Alaikum, I need to purchase a house in USA according to Shari'a. There's an Islamic financial institution provides 'Murabaha' as follow: I find a house, say for $100,000 then the IFI will buy it for me, pay its full price upfront to the seller, and trun around any sells it for me, say.. More

  • Buying a property by installments without determining the purchase price Date: 2-12-2009

    Our community need to purchase a property for Mesjed and community centre. We found one property that fulfilled our requirement. The owner request a value of $ 649,000 and 10% down payment and 7.5%fixed 1 to 5 year according to the purchase ability and payment by his owner finance. We like to offer him $500,000 and $100,000 at front and if he agree.. More

  • Purchasing a house Islamicly in a non-Muslim country Date: 31-8-2006

    I am from a non muslim country and 93% of our population are non muslims of various religions. I need to buy a house for me which is a big shortcoming in my life for my family. but i dont have any institution in my coutry that does not deal without interest. there is one finance organization that is talking about Murabah, the percentage of which is.. More

  • Concerned about a contract for car payments Date: 21-5-2006

    Assalam Alekum I bought a car with equal monthly payments for 5 years and the company accepted no interest on the contract though the total was a bit more than usual price. Now I as I wanted to pay whole amount after 2 years, it showed the company is still doing interest calculations by its side ( they asked me for less than what I still owe them), Is.. More

  • Dropping an amount of the due price for hasting in paying some of it cash Date: 6-12-2005

    I am working asSr. Area Manager, in Singer Pakistan Limited, Rawalpindi, Pakistan. My company Manufacture and imports domestic products and sell it on installment higher than the cash price on 6, 9, 15, 18, and 24 months installment for each period markup is different in percentage. There is also an option that if a customer pays with.. More