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Thread: Islamic Bank Loan?

  1. #1

    Islamic Bank Loan?


    I am 22 years old and looking to purchase a first vehicle, Insha Allah, Ameen, Ya Rabbal A'lameen. I wanted to know if there's any authentically Islamic institution in South Africa, where I could get a loan without interest please, Insha Allah, Ameen.

    Also, a complementary question in this regard, would it be better to purchase a cheaper vehicle, rather than a very expensive vehicle, if one can afford both eventually, Insha Allah, Ameen?

    Please let me know. Insha Allah Ameen Ya Rabbal A'lameen.

    JazaakAllahu Khair in advance.

  2. #2
    Join Date
    Sep 2012
    Gauteng/ South Africa

    بِسْمِ اللَّهِ الرَّحْمَنِ الرَّحِيمِ
    Wa’alaikum Salaam Warahmatull‚hi Wabarak‚tuh

    We have been advised by the Shariah not to unnecessarily get ourselves involved in debt. Nabi Sallallahu Alaihi Wasallam, despite being a mercy to mankind, refused to perform the Janaaza Salaah of those who had outstanding debt. Hence it would be best that you save up money and purchase a car for cash. If there is an urgent need to purchase a car immediately then you may taken a loan that is not interested based and purchase an appropriate car while incurring the least amount of debt. Hence, it will be better to purchase a cheaper car.

    Approach a family or some prominent business people and see if they are willing to give you a loan. If this fails, then may opt to use FNB’s Car Financing Product as a group of prominent Ulama who previously served on the Shariah board had approve their car financing scheme.


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