When Car Finance Becomes Haram! | Important

Do you have a car on finance? Is a third party involved? There is a likely chance that it could be impermissible. Be it car finance or any item you have on finance... have a listen.
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#CarFinance #EmanChannel #IslamQA #Riba #Interest

[@zinebksd9223]

The ones that need to hear this msg are scholars that say "it's ok" and make excuses around it.

[@drshaheen8570]

Assalamualykum, thank you very much, many people explained it, but I came to know the difference by your explanation, Jazak'Allah khyra ahsan ul jaza

[@im8980]

Thanks for this clear clarification.

[@wasimshaikh803]

Alhumdulillah.. Very well explained....

[@A1LYFYT]

the right and halal way is pay ONLY the prinicple over time and nothing more. Even a cent more is interest. If ur lending u should only lend in purpose charity/helping others rather benefiting from what u lended

[@TopBoi93]

I am confused, all car dealerships that I have spoken to such as Kia, Toyota etc. they all do their financing with a bank so that is third party? So that is haram? As far as my research goes and talking to people at these dealerships, all car finance is never in house, there is always a bank who underlays them for financing. So it is always third party…

[@aliflaammeem9381]

Is interest free car finance OK sheikh?

[@yaqubmohammed310]

It is ok as there is no interest sheikh

[@yaqubmohammed310]

@ibrahim shadi yes same I heard the same in regards late payments but that’s with many things such mobile phone contract and etc

[@billdosam8476]

Yeah, car cost 100000 But, for a 36month, monthly instalment you end up paying 120000. So fix car price as 120000. And collect 120000 in 36 months 🙄 simple

[@astongrad930]

Is there a link to the full car finance episode the sheikh alluded to being?

[@mohammedadam9680]

Assalam Alaikum Thank you for the knowledge, may Allah reward you and increase you in knowledge I wanted to notifiy you their is a very bad Add published on this video kindly look in to it,(very filthy Add) Jazak Allahu khairan

[@kronoterria2347]

So what if I buy from the dealer?, no 3rd party, but the dealer is charging interests. Is it considered riba?

[@megamartians481]

Yes the dealer is the middle man always there’s no such thing as no third party. It all goes through banks. That’s how banks make money may Allah curse them.

[@R3DHWXXN]

I have a question pertaining to Tesla. So they do in-house (meaning they give the loan without talking to other banks) financing with 2.5% apr, is that also considered haraam? It kind of relates to the first example where you are buying it directly from the seller. This is more of an edge-case of course.

[@truthheard6142]

Interest is haram bro.

[@R3DHWXXN]

jazakAllah khayr

[@adamspitfire]

I think it says in surah Al baqarah verse 272 it says if you do interest Allah will make war with you

[@tyestoob]

I am in the same situation trying to finance my Tesla through them. I am not sure if you understand arabic but there is plenty of fatwas from major scholars like ibn utaymiyin stating that if you buy a car directly from the person who owns it with installments and you agree on the price of the car with the duration of payments disclosed in the contract, where clearly it says that the car is owned by Tesla. This is a halal transaction. For instance the Model 3 is worth let’s say 40k and tesla charges you a disclosed profit of %2.99 (which they refer to it as interest rate) then the total price is $43. Paying installments on the $43k is a halal transaction. However what we need to make sure is that if Tesla sells the contract to the bank to get their full money back for a discount, in order for the bank to make profit as well, then this is haram. I am going tomorrow to speak to the advisor and let you know. Allah knows best.

[@R3DHWXXN]

@@tyestoob Yes, please do inshaAllah, jazakAllah khayr!

[@BkLyNSiNCe1987]

this is pretty difficult for me........ i moved from NYC to Florida recently and the car from nyc broke down..... i had to rent a car for week to get to work and it cost me almost 2000 for a week!........ so long story short i had to end up finacing a car because of my bad credit score........and in order for me to get to work and make a living i need a car........ and me and my parents cant afford a new car, let alone we are struggle with $$$ also..... so what should i do? the fiance is pretty much 30,000+ for 72 months...... May Allah forgive me...

[@shibilifarook]

Aameen

[@wellcherry4514]

You could buy a cheap decent used one

[@BkLyNSiNCe1987]

@@wellcherry4514 true, but you had to be their the situation and timeing was bad

[@HMJKS2000]

Depending on how far you live from work you can take car rides with your coworkers and pay them something small while saving for a cheap car, take a bus while saving for a car, use a bike, use a skateboard, use your legs, crawl, etc. The point is life will be hard and you’ll be able to avoid interest till you can buy something within your means. If for some reason this isn’t possible then find creative financing that does not involve riba.

[@funnystuffyam4326]

Does anyone know any website halal finance for cars

[@sukaipenn8810]

Subhana Allah 🤲🏻🤲🏻🤲🏻🤲🏻🤲🏻

[@zeeshanahmad8371]

Is educational loan is also haram?

[@carbonlodi1527]

Clearly haram. You will have to pay more than what you have loaned.

[@sukaipenn8810]

As Salamu Alaykum 🤩🤩🤩🤩🤩🤩

[@AJ17119]

What about paying it in full cash which makes it halal? But you need to get a vehicle insurance as i believe all first world countries requires vehicles to be insured to be ridden on the road. So meaning there'll be riba. Im in Singapore so the following is also additional things to take note: - vehicle insurance are all riba based i believe, no Islamic options - Singapore is a small country so its not really a "need" for you to own a car/motorcycle. More of a convenience to have. So with that said, is right for me to say. For those with the same circumstances like those of us Muslims jn Singapore, this would mean we just have no way of owning a vehicle in a 100% halal manner, but we should take this as a form of jihad in the way of allah and allah will reward us with so much more for this jihad in the akhirah. And if we say we belive in allah then we need to take this step and endure not being able to own a vehicle in such countries. Would this statement above the right way to go about this? Thanks

[@abdulj2k]

I’m still confused 😐

[@OwlyEagle]

So when the third party actually owns the car and gifts you the car at the end of the contract because of your completion of all payments, this is completely halal right?

[@asmiralo]

I believe that's the idea but then the "third party" is actually the owner not a third party anymore, it is the same as buying something then selling it higher because it is now worth more. may allah guides us to follow his rules correctly and to the straight path ameen.

[@OwlyEagle]

@@asmiralo ameen thank you for your response brother.

[@HamidHalimi-uu4vw]

I want to buy a car on the finance which will cost me £14000 including interest and if I am buying the same car with 0 interest like Islamic finance it will cost me 17000£ I don’t know which one to go on any suggestion

[@asmiralo]

the idea is. if the car is owned by the dealer you are buying from, it is allowed to pay more for the fact that you don't pay the full amount at once. if you are buying the car from the owner but the dealer will give the full amount to the original owner in return you pay the dealer extra for that then it becomes haram. so when you go to buy the car you have to make sure the dealer owns the car not selling the car for someone. THIS IS ONLY MY UNDERSTANDING OF WHAT THE SHEIKH SAID PLEASE ASK FURTHER AS I AM NOT 100% SURE AND STILL LOOKING FOR THE ANSWER MYSELF. may allah guides us to follow his rules correctly and to the straight path ameen.

[@sr94uk49]

Why spend so much money on a car you cannot currently afford? Buy something in the interim and save the money you'd pay monthly and buy the equivalent car for cash in a few years

[@billdosam8476]

Any particular Car brand HARAM?

[@harishpininti]

Yes non-Muslims founded cars are haram

[@billdosam8476]

@@harishpininti which is Muslim car manufacturer? Al-faRomeo?

[@harishpininti]

@@billdosam8476 who tf knows 🤣🤣🤣

[@umairahmad4711]

Bloody hell 🤦🏽‍♂️🤣

[@billdosam8476]

@@umairahmad4711 why are yu laughing? 😜

[@harishpininti]

😭😂🤣🤡

[@jordanmainham5314]

If u think his a clown then do what u want