AskImamDarul Iftaa Mahmudiyyah (AskImam)

I need to buy a car. Albaraka Bank's pre-Requisites I cannot meet as I do not have so much to put down as deposit. will it be permissible to take a bank loan on interest?

Fatwa 8346English
Finance and Commerce

Question

I only have a 10% deposit for a car that's R50000. Is there any one other bank that will assist me without interest besides Albaraka ?

Answer

It is not permissible to take an interest bearing loan.

We are not aware of any bank that will offer you an interest free loan.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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