Question
For example, I have only 5 lakh rupees and I want to buy a new car for business which costs 6 lakh 50 thousand, but if I pay him 5 lakh and buy a car for 1 lakh 50 thousand for 3 years. If I rent it, I will have to pay the full amount of around 2 lakh rupees in monthly installments. So is this permissible? Also, I am not getting any interest free loan from anywhere.
Please guide me properly
ANSWER
In the case of responsibility, taking one and a half lakh rupees on finas from the bank to buy a new car and paying about two lakh rupees with increasing monthly installments over a period of three years is a form of usurious loan and as taking interest is forbidden in the religion of Islam. In the same way, giving usury is also forbidden. The Messenger of Allah (peace and blessings of Allah be upon him) cursed both the usurer and the usurer (Muslim Sharif). Therefore, instead of a new car for business, buy a second-hand car that is usable and suitable. Take it, InshAllah the need of the business will be fulfilled, otherwise one can fulfill the need of the business even with hired cars, though it is a bit of a hassle.
And if the person does not deal with interest loan from bank or finance company; Rather, deal with murabaha, that is, the car buyer asks the bank to buy a car for himself from a showroom or company and then the additional amount you want to take from me in the form of a loan is combined with the original price in my hands as a profit. Sell as Murabaha, or Bank: Make the car buyer himself an advocate to buy the car from the showroom, then the buyer buys the car for the bank and refers the car to the bank, then in the form of a bank loan. If the person who wanted to get more money, he sold it as a murabaha with the original price as a profit, then this matter would be permissible with the condition that the buyer of the vehicle should be able to do so according to his financial status. There is a belief or strong belief that he will pay each installment at its due time, not delaying the payment of any installment that incurs interest thereon.
