ALLAH HO AKBER! THIS WAS THE BEST COMMENT I COULD HAVE RECEIVED! Jazakallah khair! Please feel free to connect with me over what's app! In case I'm ever wrong, I wish to be corrected insha'Allah. May Allah Azawjal Accept our efforts Ameen!
@@AliTunio I would like to invite you personally to the Imam's conference (AMJA) American Muslim Jurists of north America this coming March in the states. please send me your email so we can be in touch inshallah
@@imam5072 Jazakumullah khair. My email and contact information is in the description of the video. Please connect with me via whats app and my email is tuniorealty@gmail.com. Happy to connect with you insha'Allah.
Here in the UK when you lease a car with option to purchase it in the end, they put your name on the title so you car travel abroad too. What is your view on this option?
Jazakallahu khairan, Ali, for the information sharing. I have always been of the camp, if I can't pay it in full, I'm not buying it. No longer realistic for me, as you age more and more expenses. Trying to make sure I understand how this financing world works (and does not work) for Muslims. If only there were legit easy to understand options for mortgages too :(
I have a question. I have the opportunity to lease a car through my work contract, tax-free, with everything included except for fuel or electricity for charging. In the lease company’s contract, which facilitates these vehicle leases for employees, it states that the monthly payment (automatically deducted from my salary) covers insurance, maintenance, taxes, and an interest rate. However, I will never own the car unless I choose to buy it at the end of the lease for a price they determine. It explicitly states that interest is part of the monthly payment. Does this mean it’s haram? Am I correct? There’s no loan involved-just a monthly amount deducted from my salary for the use of this car. And if I am fired I just need to return the vehicle without penalty payments.
how I see leasing is the contract they sign has a $ value total lease obligation that you owe this much for the lease, and to pay that over the lease term it will be % interest. The contact clearly mentions interest on the amount you owe sounds like interest to me. Yes it is like a rental but the contract is not rental. Contact as i see it is a financial contact for the lease obligation in $ amount for the cars depreciation. And interest in that amount.
Interesting viewpoint. I would say grab a vehicle leasing contract, analyze the structure and then come to a conclusion based on that that. we focus on facts not our own viewpoints right? Objectivity and facts after careful analysis.
What is your idea for financing (at any percentage) and going through the OEM themselves (in-house financing). So if I’m buying a Toyota and finance their car through Toyota Financial services, what difference does interest percentage male? There’s no third party involvement and you’re still buying the car from Toyota and only Toyota themselves?Jazkallah for your helpful videos.
5:21 What about the “money factor” which is used to calculate the portion of interest on your monthly payment. Please do your research again and update us
In my opinion they use the credit score and call it money factor.. sometimes you can call something interest when really isn't just like when you are paying interest (rare cases, like getting a certification but you pay upon getting a job etc or pay less upon not getting a job etc.) but it isn't called out..
I have a question. I’m trying a car but the original car maker dealership has no 0% interest option. So I found a car dealership “carbooth” that would buy the car for me (they don’t have the car yet) , buy down the interest and make the papers 0% then resell it to me. My issue is he says I will be paying the bank. It doesn’t make sense to me that I am paying the bank and not him, he says the money goes to him afterwards… I just don’t want him to be approving me for a loan with bank and just make the papers say 0%. It doesn’t seem like he is buying the car cash either so is it like a scenario where he gets a loan of let’s say 50K (interest included) to buy a 45k car and say his monthly payments are like 500$ (including the interest). But then he sells me the car so I start making payments to the bank for lets say 55K (with 0% interest) and my monthly payment is like 550$. So he takes my monthly payment to make his monthly payment. If not please explain how does it work behind the scenes If someone knows please explain. Thanks!
@Ali Tunio Thank you for the video brother, was looking for this, so my question is in regards to the used car situation, I went to a lexus dealership and they told me that I can buy down the interest rate from the lender, my question is since they're not financing the car from their pocket and resorting to a third party lender to lend me the money with the option of buying down the interest rate, does that still make it halal?
Salaams brother, I was informed that the 0% interest on car loans is actually 0% to the buyer (owner) as the interest will be paid by the dealership, which from what I understood is still haram as the interest is still on the deal
🤦♂️ sister. That doesn't make sense at all. Whoever told you that doesn't know what they are talking about or knows what interest is. Please refer to my explanation of what interest is first.
Thanks for the video ... I heard it from Sheikh Assim Al Hakeem that even Leasing is Haram if it involves with late payment penalty ... That penalty is a pure definition of Riba .. Whats your thoughts on that?
Don't be fooled brother and sister there is no such thing as a halal loan except those from the heart. This is basket weaving the word of Allah may Allah protect us.
Salam Alikom brother, i watched the video more than once but i still have a doubt. 1. Let’s say: the car price is 10K, i have to ask the dealer to make it 15K and make the interest 0%, this gonna be Halal? 2. If i need to lease a car, and the rate is 8%, this is Halal, as the rate on the asset not on the loan’ there is no loan on the lease as it’s rent basically’ ? Please response to make us stay in Halal Way. Jazak allah Khair
just to kindof wrap this all up ar you saying, if you are buying a new car buy one with 0% interest rate and if you are buying a used car ask the dealer to make the car 0% interest rate and just changing the name of the thing you are paying?
The risk of being involved with interest through late payments makes is impermissible. You say pay it on time but you’ve signed a contract that says you are willing to pay interest and what if your circumstances change and you are unable to pay?
Credit cards are MANDATORY in the western country. You can not buy/get service for a lot of necessary things without it. Therefore having it and using it when necessary is definitely not equivalent to the car contract (interest agreement) that you mention here. How about people stop looking for cheap way out and actually save to buy a car/house!!
Assalamu Alaikum, So lets say the dealer is offering a 0.9%APR for a $30,000 car. So is it halal to pay extra charge upfront (incurred due to interest) along with the down payment ?
I'm having troubles understanding the used car section, wouldn't we still be paying for interest upfront? I've been doing some research and found the following below from Mathabah Institute which says that it wouldn't be permissible. I'm not sure if I'm just not understanding it properly. If I'm looking to purchase a car from Honda and ask them to use Honda financing and they make my interest 0% but raise the cost of the car by that amount, would that be permissible? Sorry just wanted to clarify as I'm looking to purchase this week if possible. Mathabah Institute: "0% Financing As Offered Independently by Some Dealers, Sometimes Referred to as a Higher Priced Purchase Some car dealerships, upon learning that the customer is Muslim and concerned in dealing with interest, will offer a type of 0% financing arrangement. In this case, the car dealer will find out the cost of financing for a specific deal and add this amount to the agreed upon purchase price of the car. They say that the price of the car is fixed and even report a 0% interest on the financing agreement. However, if we look at a key indicator from the traditional finance above, we can see that the total value of payments funded by the customer to the financing company is more than the originally agreed upon price for the car. In essence, the customer is still paying a higher amount which will make up the profit for the financing company. In such cases, this type of arrangement is the same as the traditional finance regardless of whether a finance charge is stipulated in the contract by dollar amount and percentage rate or whether the amount is added to the agreed upon price for the car, only to make the contract show a zero dollar value for finance charges and the interest rate. In this type of transaction, since the customer is paying a higher amount to the financier than what he or she borrowed, even though it may seem to be a fixed price towards the purchase of the car, it will not be permissible Islamically."
That's on dealership. You're liable for your circumstances not others. Car can be $40000 or $45000 dealer can make money the way he wants to. If i am paying zero I'm good. I don't care what he does to bring it to zero %age.
The only problem is that the contract also involves the requirement to agree to paying late fees on missing a payment, which now makes the contract haram regardless of whether or not the care being bought has zero interest.
Toyota finance and Toyota sales are two different things. So when you are buying from Toyota sales and financing through Toyota finance it's not the same as buying directly through the company. Either way you are entering into a loan agreement where you are paying interest which is profit on money. So no it's not permissible if that is the transaction you are entering into.
@@AliTunio Salaam Alikum, first thank you so much for responding so quickly. I did a little research about Toyota Business System. Toyota is a big organization that doesn't let his customers to go to a third party for a loan so they created Toyota Financing from their own organization. Toyota Canada Inc is a Subsidiary of Toyota Motor Corporation and Toyota Canada Inc has created services within from their own funds that is Finance and lease services, service and parts. The dealers are all like their employees because they don't own the vehiclesin totality , location properties, and they all have to follow the rules and policies of actual Toyota Canada Inc . Yes i understand that dealers Profit and loss have to do with that dealer but in general or indirectly any dealer loss and benefit goes back to Toyota Canada Inc. In short Toyota Canada Inc is the one who owns all these vehicles and they are the one who finance it so i do not deal with a third party. Yes from within the body of Toyota you deal with different responsible departments not to an outside party like a bank. As an example, i purchased my sofa from Brick ( 0%) and i dealt with Desjardin Bank. Whereas in Toyota i don't deal with an outsider party since it is the Toyota itself so no third part involved.
"In house" usually refers to the dealership which is a franchise funding you. So in house or not does not matter. What matters is your contract. Is it a loan or a lease? Insha'Allah the video explains the rest
Assalaamu ‘Alaikum! Can someone share what is meant for the dealer to buy you down to 0 percent interest? How might that conversation work? Does he mean that the dealer could make an 18k car 21k car in order to get the profit, but avoids us paying interest?
Walaikumassalam look at it this way. As long as profit is made on Asset (doesn't matter what it is), Its ok to make money on or pay money for. So yes let the dealer make their money on the car. Not on giving you a loan.
What bank will allow you to buy down a lease? Range Rover says the lowest is 0.9% through Chase Bank and they don't have anything better than that. Even with a superb credit score...
He said lease is halal even with the interest rate if you watched the video, he says its % of profit taking so its no necessarily interest. He was talking about when financing car that you buy out the interest payments
So I watch the video and it very detailed. But I believe we all need to know a step by step process when talking to a salesperson or the person in control of providing the lease agreements! So we don’t get tricked by what may seems Halal and what May seems Haram! How do I say the right things to make it halal! Please respond!
You literally say don't charge me the money you were going to make on the financing. Instead charge me more for the vehicle and make the interest rate 0%. This is not that hard and not that complicated. I believe a lot of people watch this video and still are confused because they are intimidated. Nothing to be intimidated about.
I believe there are government regulations that prevent the manipulation of car price. Islamic finance needs to be accommodated at the government level. So I don't know. You would have to persue the matter to find out.
Makes more sense to buy a used car, 1st, so the seller can play with the numbers and make it possible for you to sell the car as a asset instead of them loan. 2nd, the depreciation on a used car is way less than a new car which makes it even more sense to buy a used car.
Salamualikum brother I have a question. I’m offered a motorcycle at 5% APR at 60 months. The dealership says that the lender is part of their entity, and APR is fixed. Is this haram transaction even though theirs a pentsly that would be paid if the monthly installment is not met for that month?
Doesn't matter if the dealership is part of the entity or not. If any arrangement is making money by giving you a loan. Its interest and thus haram. Very simple.
Ali Tunio But if the lender is part of the company? Like Toyota financial would offer the loan at a fixed rate for purchasing a vehicle through them. And also what about late fees? If those are in the contract is it considers haram?
Brother if the company is saying to you they own the vehicle but are creating a loan arrangement with you and making money on that loan its interest. Thus haram. Trying to interpret the scenario according to your own preference isn't going to change the fact you are getting a loan and they are making money on that loan. End of story. Now if they were on title and were renting it to you like a lease than it would be riba free because its money made on the asset
Walaikumassalam wah rehmatullahi wah barakatahu If the loan is 0% financing. Why wouldn't it be halal? Please mention your concerns or doubts insha'Allah.
SalamuAlikum brother, thank you for this video. I visited Toyota and got them to buy down to 0% interest for 60 months after I said will pay 20% down payment. However, once they came back with the paperwork, they added on a $5000 “bank fee”. This 5k is as if it was what the interest profit they were charging me. Is this typical for a buy down? They were not budging on this bank fee, and because it sounded too much in a grey area, I decided not to purchase the car. What is your take on this bank fee? Halal? Or a loop hole to trick us into haram?
Examine the contract. Did they jack up the price of the car? If so they can make their money on the car which is perfectly fine. It's not financed. They are not making excess money on the money that they're loaning you. But if they're calling it something else and that bank fee can basically multiply and quadruple if you don't pay then obviously it's interest no matter what you call it
@Ali Tunio Assalamu Alaikum. Same case as above The dealer agreed for 0 pc interest but says down-payment is needed which goes to the bank and I'll be paying monthly fees to the bank directly. Is the down-payment not an interest?
@@ismaelbahmida467 of course you do. Use the methods described in this video. Generally admin fees are not allowed. But the interest is a worse sin. So avoid missing payments just like a credit card.
@@AliTunio thank you for your time and response, so it's basically harram, small or big sin, it is about who we sin against . Thank you again for your helped you saved me from messing up brother 🙏
You could. However the laws of real estate and the way the lenders operate, I don't think you'll be allowed to. May we live in a world where obtaining halal is easy ameen.
You're wrong, and here's why. The lease rate in the US fluctuates based on your credit score, just like the APR. So, it's basically interest, just with a different name. The concept is the same, just different wording. You said leasing is okay and halal because it's like "long-term rent." No, it's not like rent. With rent, I'm not responsible for car maintenance or oil changes. But with leasing, the dealer rents it to you but treats you like the owner. You pay for EVERYTHING, including full coverage insurance, but you don't own it. Let's say you're in the last month of your three-year lease. You've already made thousands of payments, and your car gets totaled. Who gets the money from the insurance you've been paying? The dealer, not you. The dealer shares zero risk, which goes against Islamic law, where both profit and risk are shared between both parties. In this lease example, the dealer is guaranteed to make a profit, and the leasee will lose, which is fundamentally haram.
Assalam aleykum Ali, my employer has a scheme with a bank where you pay 10% for purchase of a vehicle the balance is paid by the bank. They charge 4% interest and retain vehicle ownership until all payments have been cleared. Is this haram?
Walaikumassalam. I think you got the concept of the transaction. Now if you watched the video. You tell me. Is the money being made on asset or on money lent out?
Asalamualaikum I went to a new car dealer and he said he will buy the interest to 0 percent however the price of the vechicle goes up but I will agree to pay at 0% and they agreed. Is that permissible?
I agree but Im thinking of doing braces for which I will have to visit my dentist every month for checkups. So I will have to stay at Canada. Do Islamic banks give dental loans?
This video is wrong. I am a car salesman and that’s not how it works. To get 0% interest on a new car you have to have excellent credit history. To get excellent credit history you have to finance a car before and that loan won’t be interest free. Also even if you had excellent credit the financing term for a 0% interest loan would be very short which means higher payments not every body can afford.
What are you talking about? I can walk into a dealership right now and negotiate a 0% interest based loan. Like I have done many times including my own vehicle which alhamdulillah I have paid off without any interest. Your answer doesn't make sense because you're saying that people have to have absolutely perfect credit in order for them to get the 0% offer only for a shorter period of time which many can't even afford. This is incorrect. A lot of the dealerships are making more money on financing and providing financing options. So if they were just going to make the money on the asset instead of the financing term it works for them. Case in point my Acura with Honda Finance. No interest in the contract whatsoever. Bought used. Maybe you being a car salesman does not give you the absolute Authority over the matter. Maybe you have a lot to learn and Pitch to your bosses. Come on bro
@Ali Tunio late payment penalty in the contract itself is considered being involved in riba loan. It is not important if you miss penalty or not. It is about contract. So 0% financing is haram basically.
@@AliTunio is buy here pay here halal For example if car is 10.000 you put down payment 1000 have 9000 left and you pay the 9.000 over 3 year period . But the same car is cheaper some where else clearly the dealer charged lil bit more for fixed rate.
Alhamdulillah thank you so much I converted to Islam and looking to buy a vehicle soon
Welcome to Islam brother. May Allah bless you
Bro, you converted to islam to buy a car soon?
@@moayadal-shapi7085😂
@@moayadal-shapi7085that’s not what he said.
Mashallah
as a Fatwa member in Al Azhar i watched all your videos and they are 100% correct from islamic law,
may allah reward you brother ali
ALLAH HO AKBER! THIS WAS THE BEST COMMENT I COULD HAVE RECEIVED! Jazakallah khair! Please feel free to connect with me over what's app! In case I'm ever wrong, I wish to be corrected insha'Allah.
May Allah Azawjal Accept our efforts Ameen!
@@AliTunio I would like to invite you personally to the Imam's conference (AMJA) American Muslim Jurists of north America this coming March in the states. please send me your email so we can be in touch inshallah
@@imam5072 Jazakumullah khair. My email and contact information is in the description of the video. Please connect with me via whats app and my email is tuniorealty@gmail.com. Happy to connect with you insha'Allah.
@@imam5072 who's talking about fatouwa Egyptian hhhhhhh no way like karadawi said it's halal to get house with riba 🤦♂️
Fake islam
Thanks brother, this clarified my doubt on leasing.
Here in the UK when you lease a car with option to purchase it in the end, they put your name on the title so you car travel abroad too. What is your view on this option?
Jazakallahu khairan, Ali, for the information sharing. I have always been of the camp, if I can't pay it in full, I'm not buying it. No longer realistic for me, as you age more and more expenses. Trying to make sure I understand how this financing world works (and does not work) for Muslims. If only there were legit easy to understand options for mortgages too :(
I have a question. I have the opportunity to lease a car through my work contract, tax-free, with everything included except for fuel or electricity for charging.
In the lease company’s contract, which facilitates these vehicle leases for employees, it states that the monthly payment (automatically deducted from my salary) covers insurance, maintenance, taxes, and an interest rate. However, I will never own the car unless I choose to buy it at the end of the lease for a price they determine. It explicitly states that interest is part of the monthly payment.
Does this mean it’s haram? Am I correct? There’s no loan involved-just a monthly amount deducted from my salary for the use of this car. And if I am fired I just need to return the vehicle without penalty payments.
how I see leasing is the contract they sign has a $ value total lease obligation that you owe this much for the lease, and to pay that over the lease term it will be % interest. The contact clearly mentions interest on the amount you owe sounds like interest to me. Yes it is like a rental but the contract is not rental. Contact as i see it is a financial contact for the lease obligation in $ amount for the cars depreciation. And interest in that amount.
Interesting viewpoint. I would say grab a vehicle leasing contract, analyze the structure and then come to a conclusion based on that that. we focus on facts not our own viewpoints right?
Objectivity and facts after careful analysis.
Jazakullahukhair brother
What is your idea for financing (at any percentage) and going through the OEM themselves (in-house financing). So if I’m buying a Toyota and finance their car through Toyota Financial services, what difference does interest percentage male? There’s no third party involvement and you’re still buying the car from Toyota and only Toyota themselves?Jazkallah for your helpful videos.
I was wondering the same. Did you get an answer to this?
1. What did you mean by dealership buying down the interest rate?
2. What did you mean they can’t touch the MSRP?
I’m confused how buying down Interest rate is Halal. Isn’t it we’re paying interest up at front instead of over the time?
So you can lease the car but you cant buy it after the lease term ends at all?
5:21 What about the “money factor” which is used to calculate the portion of interest on your monthly payment. Please do your research again and update us
In my opinion they use the credit score and call it money factor..
sometimes you can call something interest when really isn't just like when you are paying interest (rare cases, like getting a certification but you pay upon getting a job etc or pay less upon not getting a job etc.) but it isn't called out..
I have a question. I’m trying a car but the original car maker dealership has no 0% interest option. So I found a car dealership “carbooth” that would buy the car for me (they don’t have the car yet) , buy down the interest and make the papers 0% then resell it to me. My issue is he says I will be paying the bank.
It doesn’t make sense to me that I am paying the bank and not him, he says the money goes to him afterwards… I just don’t want him to be approving me for a loan with bank and just make the papers say 0%.
It doesn’t seem like he is buying the car cash either so is it like a scenario where he gets a loan of let’s say 50K (interest included) to buy a 45k car and say his monthly payments are like 500$ (including the interest). But then he sells me the car so I start making payments to the bank for lets say 55K (with 0% interest) and my monthly payment is like 550$. So he takes my monthly payment to make his monthly payment. If not please explain how does it work behind the scenes
If someone knows please explain. Thanks!
@Ali Tunio Thank you for the video brother, was looking for this, so my question is in regards to the used car situation, I went to a lexus dealership and they told me that I can buy down the interest rate from the lender, my question is since they're not financing the car from their pocket and resorting to a third party lender to lend me the money with the option of buying down the interest rate, does that still make it halal?
Salaams brother, I was informed that the 0% interest on car loans is actually 0% to the buyer (owner) as the interest will be paid by the dealership, which from what I understood is still haram as the interest is still on the deal
🤦♂️ sister. That doesn't make sense at all. Whoever told you that doesn't know what they are talking about or knows what interest is. Please refer to my explanation of what interest is first.
But on paper is tells you that the interest rates is 0% which is a proof that you do not pay any interest rates.
Sis that doesn't make sense tho.
Ali, is Guidance Residential in America Halal? If so, can you explain exactly how they're halal in a lay-man terms for a person like me to understand.
Assalam o Alaikum you know I would love to however I have never reviewed their mortgage contracts. If I do, I may be able to give you an opinion.
Still in the beginning, but would carvana work
Thanks for the video ... I heard it from Sheikh Assim Al Hakeem that even Leasing is Haram if it involves with late payment penalty ... That penalty is a pure definition of Riba .. Whats your thoughts on that?
Did you get answer on this question?
Did you get the answer?
Don't be fooled brother and sister there is no such thing as a halal loan except those from the heart. This is basket weaving the word of Allah may Allah protect us.
Salam Alikom brother, i watched the video more than once but i still have a doubt.
1. Let’s say: the car price is 10K, i have to ask the dealer to make it 15K and make the interest 0%, this gonna be Halal?
2. If i need to lease a car, and the rate is 8%, this is Halal, as the rate on the asset not on the loan’ there is no loan on the lease as it’s rent basically’ ?
Please response to make us stay in Halal Way. Jazak allah Khair
just to kindof wrap this all up ar you saying, if you are buying a new car buy one with 0% interest rate and if you are buying a used car ask the dealer to make the car 0% interest rate and just changing the name of the thing you are paying?
The risk of being involved with interest through late payments makes is impermissible. You say pay it on time but you’ve signed a contract that says you are willing to pay interest and what if your circumstances change and you are unable to pay?
Do you have a credit card brother?
I would also like to know the answer.
Credit cards are MANDATORY in the western country. You can not buy/get service for a lot of necessary things without it. Therefore having it and using it when necessary is definitely not equivalent to the car contract (interest agreement) that you mention here. How about people stop looking for cheap way out and actually save to buy a car/house!!
@@AliTunio let's say he doesn't have one?!!
@@zay7968 I totally agree with you. But I think that is the case for a credit card as well. Same principle.
Assalamu Alaikum, So lets say the dealer is offering a 0.9%APR for a $30,000 car. So is it halal to pay extra charge upfront (incurred due to interest) along with the down payment ?
Make the dealer make money on the asset not on the financing. Now you tell me?
I'm having troubles understanding the used car section, wouldn't we still be paying for interest upfront? I've been doing some research and found the following below from Mathabah Institute which says that it wouldn't be permissible. I'm not sure if I'm just not understanding it properly. If I'm looking to purchase a car from Honda and ask them to use Honda financing and they make my interest 0% but raise the cost of the car by that amount, would that be permissible? Sorry just wanted to clarify as I'm looking to purchase this week if possible.
Mathabah Institute:
"0% Financing As Offered Independently by Some Dealers, Sometimes Referred to as a Higher Priced Purchase
Some car dealerships, upon learning that the customer is Muslim and concerned in dealing with interest, will offer a type of 0% financing arrangement. In this case, the car dealer will find out the cost of financing for a specific deal and add this amount to the agreed upon purchase price of the car. They say that the price of the car is fixed and even report a 0% interest on the financing agreement. However, if we look at a key indicator from the traditional finance above, we can see that the total value of payments funded by the customer to the financing company is more than the originally agreed upon price for the car. In essence, the customer is still paying a higher amount which will make up the profit for the financing company. In such cases, this type of arrangement is the same as the traditional finance regardless of whether a finance charge is stipulated in the contract by dollar amount and percentage rate or whether the amount is added to the agreed upon price for the car, only to make the contract show a zero dollar value for finance charges and the interest rate. In this type of transaction, since the customer is paying a higher amount to the financier than what he or she borrowed, even though it may seem to be a fixed price towards the purchase of the car, it will not be permissible Islamically."
That's on dealership. You're liable for your circumstances not others. Car can be $40000 or $45000 dealer can make money the way he wants to. If i am paying zero I'm good. I don't care what he does to bring it to zero %age.
The only problem is that the contract also involves the requirement to agree to paying late fees on missing a payment, which now makes the contract haram regardless of whether or not the care being bought has zero interest.
If it's a flat admin fee and not a.% on the amount owed it's ok. If it's a % on the amount owed yea its interest
Salam walkoum my brother ali l have question ? I want to buy condo ? Is there is. Any halal way ? Thank you
Yes Qurtuba or Manzil !
@@billelbenomar4155 can you send me the website ? Is it 100 cent halal?
Kindly make a video on how to buy a house without interest
brother can i do online marketing for a car dealership? who help clients to get financing from bank
So will I be able to refinance my car to get it at a zero interest rate?
Cash is the best
Is it permissible to buy a vehicle based on an interest from Toyota that has its own financing system within their body
Toyota finance and Toyota sales are two different things. So when you are buying from Toyota sales and financing through Toyota finance it's not the same as buying directly through the company. Either way you are entering into a loan agreement where you are paying interest which is profit on money. So no it's not permissible if that is the transaction you are entering into.
@@AliTunio Salaam Alikum, first thank you so much for responding so quickly. I did a little research about Toyota Business System. Toyota is a big organization that doesn't let his customers to go to a third party for a loan so they created Toyota Financing from their own organization. Toyota Canada Inc is a Subsidiary of Toyota Motor Corporation and Toyota Canada Inc has created services within from their own funds that is Finance and lease services, service and parts. The dealers are all like their employees because they don't own the vehiclesin totality , location properties, and they all have to follow the rules and policies of actual Toyota Canada Inc . Yes i understand that dealers Profit and loss have to do with that dealer but in general or indirectly any dealer loss and benefit goes back to Toyota Canada Inc. In short Toyota Canada Inc is the one who owns all these vehicles and they are the one who finance it so i do not deal with a third party. Yes from within the body of Toyota you deal with different responsible departments not to an outside party like a bank. As an example, i purchased my sofa from Brick ( 0%) and i dealt with Desjardin Bank. Whereas in Toyota i don't deal with an outsider party since it is the Toyota itself so no third part involved.
This is a good one!
Jazakallah khair!
InshaAllah maybe you can open a dealership
bro, if I buy a tesla with inhouse tesla financier, is it halal?
"In house" usually refers to the dealership which is a franchise funding you. So in house or not does not matter. What matters is your contract. Is it a loan or a lease? Insha'Allah the video explains the rest
Assalaamu ‘Alaikum! Can someone share what is meant for the dealer to buy you down to 0 percent interest? How might that conversation work? Does he mean that the dealer could make an 18k car 21k car in order to get the profit, but avoids us paying interest?
Walaikumassalam look at it this way. As long as profit is made on Asset (doesn't matter what it is), Its ok to make money on or pay money for. So yes let the dealer make their money on the car. Not on giving you a loan.
What bank will allow you to buy down a lease? Range Rover says the lowest is 0.9% through Chase Bank and they don't have anything better than that. Even with a superb credit score...
He said lease is halal even with the interest rate if you watched the video, he says its % of profit taking so its no necessarily interest. He was talking about when financing car that you buy out the interest payments
So I watch the video and it very detailed. But I believe we all need to know a step by step process when talking to a salesperson or the person in control of providing the lease agreements! So we don’t get tricked by what may seems Halal and what May seems Haram! How do I say the right things to make it halal! Please respond!
You literally say don't charge me the money you were going to make on the financing. Instead charge me more for the vehicle and make the interest rate 0%. This is not that hard and not that complicated. I believe a lot of people watch this video and still are confused because they are intimidated. Nothing to be intimidated about.
Hey brother!! Just in simple words, is buy down interest rate to 0% halal or haram? Do you know any fatwa?
🤦♂️ watch the video again and again until you get it.
Great video brother. Would you mind shedding some light on how to influence a car dealership to make profit on the asset rather than on a loan?
I believe there are government regulations that prevent the manipulation of car price. Islamic finance needs to be accommodated at the government level. So I don't know. You would have to persue the matter to find out.
Makes more sense to buy a used car, 1st, so the seller can play with the numbers and make it possible for you to sell the car as a asset instead of them loan.
2nd, the depreciation on a used car is way less than a new car which makes it even more sense to buy a used car.
@@AlaGamesMobile the problem is used car bring alot of hidden problems
@@hassanjamal4212 You can go to your local good honest mechanic to have them help you check out the problems.
@@hassanjamal4212 Also consider buying stronger cars like a Toyota, Honda, or a Lexus.
If I pay the APR up front is it considered haram?
Wym by buy down interest rate??
Salamualikum brother I have a question. I’m offered a motorcycle at 5% APR at 60 months. The dealership says that the lender is part of their entity, and APR is fixed. Is this haram transaction even though theirs a pentsly that would be paid if the monthly installment is not met for that month?
Doesn't matter if the dealership is part of the entity or not. If any arrangement is making money by giving you a loan. Its interest and thus haram. Very simple.
Ali Tunio But if the lender is part of the company? Like Toyota financial would offer the loan at a fixed rate for purchasing a vehicle through them. And also what about late fees? If those are in the contract is it considers haram?
Brother if the company is saying to you they own the vehicle but are creating a loan arrangement with you and making money on that loan its interest. Thus haram. Trying to interpret the scenario according to your own preference isn't going to change the fact you are getting a loan and they are making money on that loan. End of story.
Now if they were on title and were renting it to you like a lease than it would be riba free because its money made on the asset
Watch this video ua-cam.com/video/nS2I_gy-OlA/v-deo.html
And this one ua-cam.com/video/x5rqfPwt79M/v-deo.html
Assalamualikum brother. I want to by the car but they say 0% interest but I have go through by finance is this halal??
Walaikumassalam wah rehmatullahi wah barakatahu
If the loan is 0% financing. Why wouldn't it be halal?
Please mention your concerns or doubts insha'Allah.
@@AliTunio wouldn't the late fee's make it haraam.
What about buying a car at carmax and financing with them there is no 3th part or bank , are this way is a halal way????
if its a loan its haram. doesnt matter if they are financing it.
SalamuAlikum brother, thank you for this video. I visited Toyota and got them to buy down to 0% interest for 60 months after I said will pay 20% down payment. However, once they came back with the paperwork, they added on a $5000 “bank fee”. This 5k is as if it was what the interest profit they were charging me. Is this typical for a buy down? They were not budging on this bank fee, and because it sounded too much in a grey area, I decided not to purchase the car. What is your take on this bank fee? Halal? Or a loop hole to trick us into haram?
Examine the contract. Did they jack up the price of the car? If so they can make their money on the car which is perfectly fine. It's not financed. They are not making excess money on the money that they're loaning you. But if they're calling it something else and that bank fee can basically multiply and quadruple if you don't pay then obviously it's interest no matter what you call it
@Ali Tunio Assalamu Alaikum. Same case as above
The dealer agreed for 0 pc interest but says down-payment is needed which goes to the bank and I'll be paying monthly fees to the bank directly. Is the down-payment not an interest?
I didn’t get in Houston please help me I
Very helpful brother, especially for the used car. Thank you!
Isn't haram the 0% interest way, as the contract states if you miss a payment or delayed any delayed payment causes a fee to be paid ?
Yes. So 1 don't miss a payment and 2 tell them to turn it in to a flat admin fee instead of a % of the payments
@@AliTunio so i need to negotiate the contract? And can i ?.. and are admin fees halal or haram ?
@@ismaelbahmida467 of course you do. Use the methods described in this video. Generally admin fees are not allowed. But the interest is a worse sin. So avoid missing payments just like a credit card.
@@AliTunio thank you for your time and response, so it's basically harram, small or big sin, it is about who we sin against . Thank you again for your helped you saved me from messing up brother 🙏
could we use the buy down interest method on a house
You could. However the laws of real estate and the way the lenders operate, I don't think you'll be allowed to. May we live in a world where obtaining halal is easy ameen.
Anyone help me to buy a car as halal way in newyork?
What is the solution to insurance? As this is haram as well?
Pay the full amount for the year instead of paying monthly.
How may i contact you. I need your assistance in buying house and car
So if u buy down interest charge is it gonna be halal deal?
Watch the video again. I don't want small statements of mine taken out of context. Jazakallah khair
You're wrong, and here's why. The lease rate in the US fluctuates based on your credit score, just like the APR. So, it's basically interest, just with a different name. The concept is the same, just different wording.
You said leasing is okay and halal because it's like "long-term rent." No, it's not like rent. With rent, I'm not responsible for car maintenance or oil changes. But with leasing, the dealer rents it to you but treats you like the owner. You pay for EVERYTHING, including full coverage insurance, but you don't own it. Let's say you're in the last month of your three-year lease. You've already made thousands of payments, and your car gets totaled. Who gets the money from the insurance you've been paying? The dealer, not you. The dealer shares zero risk, which goes against Islamic law, where both profit and risk are shared between both parties. In this lease example, the dealer is guaranteed to make a profit, and the leasee will lose, which is fundamentally haram.
Assalam aleykum Ali, my employer has a scheme with a bank where you pay 10% for purchase of a vehicle the balance is paid by the bank. They charge 4% interest and retain vehicle ownership until all payments have been cleared. Is this haram?
Walaikumassalam. I think you got the concept of the transaction. Now if you watched the video. You tell me. Is the money being made on asset or on money lent out?
Assalamualikum brother. I want to by the car but they say 0% interest but I have go through by finance is this halal??
Salam Ali - Quick question for you. I deposited $5000 in order to get 0% lease on my car. Would this be Halal?
Let's test your knowledge for a second here instead of just giving you the answer :-) I hope you enjoy this. Tell me why would it not be Halal first?
@@AliTunio Because the deposit went in perhaps? :)
@@Sidd7862 watch the video brother. The deposit has nothing to do with it come on you should know better haha
Asalamualaikum I went to a new car dealer and he said he will buy the interest to 0 percent however the price of the vechicle goes up but I will agree to pay at 0% and they agreed. Is that permissible?
yea he is trying to make money on the asset which is the car. that is permissible. Please watch the video again.
How to contact you?
Hey do you find 0% interest on dental loans in canada?
Honestly better to afford a plane ticket to a country where dental services are dirt cheap. Then to take on a loan
I agree but Im thinking of doing braces for which I will have to visit my dentist every month for checkups. So I will have to stay at Canada. Do Islamic banks give dental loans?
@@abidurrahmandipta2355 there are no Islamic banks in Canada so I don't know I'm sorry
Any bank with 0% interest dental loans?
keep it up brother
It's available kerala
RIP to the transcript getting your name wrong
Lol
This video is wrong. I am a car salesman and that’s not how it works. To get 0% interest on a new car you have to have excellent credit history. To get excellent credit history you have to finance a car before and that loan won’t be interest free. Also even if you had excellent credit the financing term for a 0% interest loan would be very short which means higher payments not every body can afford.
What are you talking about? I can walk into a dealership right now and negotiate a 0% interest based loan. Like I have done many times including my own vehicle which alhamdulillah I have paid off without any interest. Your answer doesn't make sense because you're saying that people have to have absolutely perfect credit in order for them to get the 0% offer only for a shorter period of time which many can't even afford. This is incorrect. A lot of the dealerships are making more money on financing and providing financing options. So if they were just going to make the money on the asset instead of the financing term it works for them. Case in point my Acura with Honda Finance. No interest in the contract whatsoever. Bought used. Maybe you being a car salesman does not give you the absolute Authority over the matter. Maybe you have a lot to learn and Pitch to your bosses. Come on bro
Are u from india?
No lol
Okay, just asked because you looked like.
No problem 😊
I didn’t understand a thing
Sincerely brother keep watching the content of multiple times until you do it's basic stuff
Your video not satisfactory.
Say what's missing?
@Ali Tunio late payment penalty in the contract itself is considered being involved in riba loan. It is not important if you miss penalty or not. It is about contract. So 0% financing is haram basically.
Please do not make jokes. You are not good at it.
Alhamdulillah i'm Hilarious 😂
U r NOT funny. Please avoid trying to act funny. It's distracting and obnoxious. Please try focussing more on the topic
You referring to the jokes in the halal car financing video?
@@AliTunio There fine bro, You get the point across so I wouldn't worry about this guys comment.
That's a hater brother 🤣🙈
@@AliTunio is buy here pay here halal
For example if car is 10.000 you put down payment 1000 have 9000 left and you pay the 9.000 over 3 year period .
But the same car is cheaper some where else clearly the dealer charged lil bit more for fixed rate.
How can I contact you brother
For general questions please join the live stream on Wednesday at 9:00 p.m. eastern time
Car dealers hike up the price all the time in the US and sell cars over MSRP by adding dealer add ons you goofy.