View Full Version : Islamic Bank Loan?

23-09-2012, 02:41 PM

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.

Mufti Yusuf Moosagie
27-09-2012, 05:10 PM
بِسْمِ اللَّهِ الرَّحْمَنِ الرَّحِيمِ
Wa’alaikum Salaam Warahmatullâhi Wabarakâtuh

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.