One form of vehicle financing?
Q. i wish to purchase a vechicle but i dont have the money to pay it immediatly. my brother has offered to purchase the vechicle add a profit onto it & resell it to me over a set period of time.
will this transaction be ok ?
(Query published as received)
A. It will be permissible for your brother to add a markup on the vehicle and sell it to you in installments on condition that:
a) Your brother purchases the vehicle and takes possession of it as his own vehicle.
b) He bears all risks associated with the vehicle whilst he is the owner of it.
c) It is not made a precondition that you have to purchase the vehicle from your brother upon him purchasing it.
d) The price is fixed at the time of him selling the vehicle to you.
And Allah Knows Best
Mufti Suhail Tarmahomed
Mufti Ebrahim Desai
Jamiatul Ulama (KZN)