Question Summary:
Is it permissible for me to make use of an Islamic Vehicle Finance?

Question Detail:

I need to buy a van to travel to work daily as the road conditions are not suitable for the vehicle I'm currently using. I don't have sufficient funds to purchase a van with cash immediately. I am thinking of making use of the banks Islamic Vehicle finance. Please recommend which types would be permissible to make use of as I do understand that the banks revise and amend these products from time to time.

Answer :

In the Name of Allah, the Most Gracious, The Most Merciful.

As-salaamu `alaykum wa-ramatullahi wa-barakatuh.

We are not aware of any Shariah Compliant Vehicle finance product. If anyone claims having such a product, you may obtain a copy of the contract and forward it to us for our observations.

And Allah Ta`ala Knows Best.

Hussein Muhammad.

Student Darul Iftaa

Arusha, Tanzania

Checked and Approved by:

Mufti Ebrahim Desai.