Question
If a bank gives you a car on installments and there is no penalty for paying the installment late, how can you get the car and if that car is worth six lakh rupees, then the bank will give you the car after paying thirty lakhs i.e. half the total price. And on paying the remaining thirty lakhs in installments, he also transfers the car to you. Now which conditions in it are against Shariat?
ANSWER
It is permissible to take a vehicle or other items on installments, but the condition is that a certain price should be fixed at the time of contract and it should be decided whether the purchase is being made in cash or on loan, and the period of the loan should be fixed, and the period of the installment should be fixed. should also be determined and no increase/penalty shall be charged in case of delay in installment. If the above mentioned conditions are not met, then this sale will be illegal and subject to usury. Banks do not adhere to the Shariah requirements of this matter, for example: conventional banks charge a penalty for late installments, while conventional non-interest bearing banks impose a compulsory donation instead of charging additional money as a penalty. The condition also makes the contract invalid, and in order to buy a car on installments from the bank, it is necessary to insert another contract in one contract, which is prohibited according to the hadith; Therefore, buying and selling on installments from the bank is not permissible.
