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     | Tuesday, October 03, 2000 - 05:58 am Salaamu Calaykum, Ok, here's my scenario, I want to buy a car but I've been told that riba or any kind of interest bearing loans are haram. I don't want to do anything that will jeopardize my deen, so I was wondering if someone knew of another way of my being able to purhase a car without having to deal with the riba. If you have any suggestions please let me know. I thank you very much in advance for your help. Jazakullah Khayra
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| | Tuesday, October 03, 2000 - 06:21 am Since i could not affort to by a brand new car (which I want) and since I want to avoid riba, I lease a car. Find out the price of the car you want. Say the car is $14000. You sign a deal of three years. You agree to pay monthly. At the end of the lease, you paid half of $14000($7000). At the end of the year, you have a choice to return the car to the dealer or buy it out and pay the difference ($7000). However, the catch is that you have to watch the milaige (usually you are only allowed to us it 15000 miles per year). If you go over that, you have to pay extra money. For me, I never go over 15000 miles per year. Leasing car is like renting an apartment.
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| | Tuesday, October 03, 2000 - 05:58 pm Anon. is there some kind of catch though? Like do they do a credit check or something, because I don't have any credit, I was told that having/using credit cards was haram also so I never established any credit.. I found your solution rather interesting..I would like to know more.. Jazakullah Khayra
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| | Tuesday, October 03, 2000 - 06:38 pm Nasreen, I just told you only other way to get a brand new car that you don't have to take it on loan without riba which is the leasing. I have a good credit. The only credit card I use is AmEx. You are required to pay on time. Just make sure that when you buy something, you will be able to pay it in full on time at the end of the month in order to avoid haraam. Pay on time the bill, you would not be charged extra money (penalty money--riba). If you delay the rent money in the apartment you live in, you will be charged extra money (penalty money----riba). But if you don't have a good credit, you can forget about leasing a car. without good credit history, you would ont be able to lease a car. It is better that you buy a used car paying cash that you saved.
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| | Wednesday, October 04, 2000 - 04:04 am Comrades Just out of curiousity, how do they work this in places like UAE??? Do they have credit cards with inerest rates?? If they don't, then how do the credit card companies make money to function?
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| | Wednesday, October 04, 2000 - 12:34 pm In the name of Allaah, the most beneficent, the most merciful. Asalaamu alakum my dear respected bro and sis. I think it is good opportunities to talk abut "riba" since we live in west-world. I'm real getting good idea abut credits even though that I always telling myself that if ya get a credit card and use the card as careful as possible ya would never make any haram (riba), and also I believe whenever u want to use the credit card use only the amount that u have in your account not more than that and u will never fallin' in riba. But I have a question for anonymous isn't be too expensive to rent car month in month out bro?? jazaakumulaah qayr bro and sis
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| | Wednesday, October 04, 2000 - 12:58 pm Caadil, leasing a car is no more expensive than taking a car on loan. The agreement of the monthly fee on the car I leased is $215.00. If i would have bought the car with loan, i would have paid the same amount or more monthly. But as I said, at the end of the lease (usually three years), you have to return it or buy it out and pay the difference in full. If I would have bought the car with riba loan (usually four years), I would get to keep the car after you finish the four years payments and that is when they will give the the title of the car. The car is not yours until you finish the four year term. That is the difference.
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| | Saturday, October 07, 2000 - 06:30 pm leasing and financing is from the same kind so before making up your mind ask people of knowledge.
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| | Saturday, October 07, 2000 - 09:18 pm Anonymous, leasing and financing is not the same. is leasing an apartment like financing an apartment?
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| | Sunday, October 08, 2000 - 03:22 am Who is qualified here and can give an edict based on the Quran and Hadith or Jurisprudence. Don't give fatwas on the net. It is for your own safety and goodness in the sight of ALLAH. Please give references so people can see who has the same opinion as you. and thanks.
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| | Sunday, October 08, 2000 - 08:36 am formerguest, do you rent (lease) and apartment and if you do do you think it is the same as financing an apartment? do you take a loan when you lease an apartment? bayca is clear and riba is clear. if you have doubt, do not rent (lease) an apartment.
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| | Sunday, October 08, 2000 - 05:21 pm Give me reference anonymous. Where I can read the subject in detail and make a decision as to whether I can do or don't do leasing. If things are not clear, I guess I should stay away from them. Untill then, what I would like to recieve links and sources that satisfy my curiosity.
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| | Sunday, October 08, 2000 - 10:22 pm http://www.msifinancial.com/
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| | Sunday, October 08, 2000 - 10:31 pm http://www.al-islam.org/organizations/AalimNetwork/msg00552.html
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