AskImamDarul Iftaa Mahmudiyyah (AskImam)

I want to know if it is permissible to finance a house or a vehicle from the bank. I heard it is permissible according to some ulema.. please give a detailed explanation..

Fatwa 9724English
Finance and Commerce

Question

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I want to know if it is permissible to finance a house or a vehicle from the bank. I heard it is permissible according to some ulema.. please give a detailed explanation..

Answer

Finance obtained through conventional banks is based on gambling and interest, hence, not permissible. However, there are banks in South Africa that operate on Shari?ah principles. We suggest you contact Al-Barakah Bank and request them to guide you.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
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