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Fatwas / Sales Fatawa / What is the validity of this sale?

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Question

We have a way of buying by installments here which is by way of leasing ending into sale. For example, if I want to buy a car which costs 93024 Dirhams, I make an initial payment of 8075 Dirhams to the financing institution which is an interest based institution. I then pay 1724 Dirhams monthly installments for 5 years. The car remains wholly owned by this interest-based financing institution during this period while I remain a lessee for this car. If I do not pay installments for six months the institution will take the car. If sixty months of paying lapses, I pay a nominal amount of 749 Dirhams and only then can I own the car whereby I have every right to use it however I wish. Is this transaction correct? Please advise me and may you be rewarded God-willing.

ما صحة هذا البيع

Answer

Praise be to Allah, and may Allah’s peace and blessings be upon the Messenger of Allah, his family and his companions.

To proceed:

In response to your question, we say, and with Allah Almighty lies all success:
The contract which you described in your question involves injustice because if the buyer fails to pay the remaining installments the car will be taken from him and he is not compensated. This is eating people’s wealth in vain whereas the said contract in which an advance payment was made necessitates a sale and not a lease. Therefore it compulsory to amend the contract so that it avoids injustice and oppression, if that cannot be done then the contract is not permissible. 


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