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Ruling on purchasing a vehicle on installments from an Islamic Bank

Banking,Islamic Banking,Ruling on purchasing a vehicle on installments from an Islamic Bank

Fatwa No :
77625
| Date :
2024-08-23
جدید فقہی مسائل / بینکاری / اسلامی بینکاری

Ruling on purchasing a vehicle on installments from an Islamic Bank

Assalamu Alaikum Wa Rahmathullahi Wa Barakaathuhu!
What do the learned muftis say about the issue that I want to buy a car on installments through Islamic banking. Is it correct or not? And if it is correct, from which bank should I buy it? And are there any conditions for it and what things should I avoid in it? Please guide me.

الجوابُ حامِدا ًو مُصلیِّا ً

According to our information, Meezan Bank and Bank Islami are currently conducting their financial affairs under the supervision of a Sharia Board consisting of qualified muftis, therefore, it is permissible and correct for the questioner to purchase a vehicle on installments from both of the mentioned banks.

مأخَذُ الفَتوی


And Allah knows best
محمد کریم یعقوب عُفی عنه
دار الافتاء جامعه بنوریه عالمیه

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