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Buying a car on installments from a bank is permissible in Islam. The procedure should be as follows: Agree with the bank on the total price of the car and the duration over which it will be paid. Determine whether the payments will be monthly or annually. When buying and selling on credit, it is peRead more
Buying a car on installments from a bank is permissible in Islam. The procedure should be as follows:
- Agree with the bank on the total price of the car and the duration over which it will be paid. Determine whether the payments will be monthly or annually.
- When buying and selling on credit, it is permissible to add a markup to the original price of the item. This markup is not considered interest (riba).
- However, imposing a penalty for late payment is considered usury (riba). Therefore, it is crucial to ensure that payments are made on time to avoid falling into the sin of paying riba.
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