That's the question. I bought a car on hire purchase. The bank paid for it, now I'm paying them back. But they didn't lend me money to do as I please, they bought the car, so is it riba? I don't know. From my perspective, it's just monthly installments, and the price is fixed
But if I am giving my car on installment to someone on a higher price, is putting a penalty on late payment Haram? Because otherwise everyone would pay late
There is no islamic bank in Islam.. All are fake... Religion business. Actually riba is when your 20% yearly saving not goes to miskeen ( 5 to 8 category). Every person businessmen, officeworker👷, job etc if they save something after his expenditure in a year, this amount is profit and must give 20% of this saving amount to 5 to 8 categories in Quran.
@@jerrysingh2269 yes that is riba and haraam . On the contrary Prophet Muhammad pbuh said give extra time to your borrower and ease their difficulty instead of putting penalty on them and increasing their difficulty.
JazakAllah sir❤ thankyou for your guidance
In India when we delay EMI date the finance company add some penalties, is it riba ?
yes
in that case why Dr Sb is of opinion that home mortgage is Haram?
But in India Bank is taking extra money in the name of Interest...
❤
Love u
But if a Islamic bank comes with credit card and pay the payment to the seller and take back the extra cost ftom buyer in EMI?
That's the question. I bought a car on hire purchase. The bank paid for it, now I'm paying them back. But they didn't lend me money to do as I please, they bought the car, so is it riba? I don't know. From my perspective, it's just monthly installments, and the price is fixed
But if I am giving my car on installment to someone on a higher price, is putting a penalty on late payment Haram? Because otherwise everyone would pay late
There is no islamic bank in Islam.. All are fake... Religion business. Actually riba is when your 20% yearly saving not goes to miskeen ( 5 to 8 category). Every person businessmen, officeworker👷, job etc if they save something after his expenditure in a year, this amount is profit and must give 20% of this saving amount to 5 to 8 categories in Quran.
@@RehmatDeen but if the agreement with bank says that there would be any late payment fee or penalty than that is riba and haraam.
@@jerrysingh2269 yes that is riba and haraam . On the contrary Prophet Muhammad pbuh said give extra time to your borrower and ease their difficulty instead of putting penalty on them and increasing their difficulty.
❤