i dont know any sheikh who says it's haram to jack the price up if you want to pay in instalment. car or not. You are the only one who says it's haram.
I bought a car on finance from Seat with 0% interest. No third part was involved they offered the 0% finance. The car was more expensive with the 0% because I did not have the money to buy it outright. As long as the amount doesn't change, I don't see the issue.
FYI, I sell used cars. I don’t believe it’s all practically the same if you charge extra for doing installments (a loan is a loan if you charge additional costs; like you mention in the video). If you get a personal loan, you’re free to spend it on whatever you choose weather it’s good or bad stuff. If you do installments with a dealership, all the money is going towards the car. It’s not simply a loan of money that’s you’re paying back. You’re buying a physical product in installments and nothing else.
Actually your lender paying the full amount of the car behalf of you. which means you are pawning your car for some sort of money. For an example if you want to buy a car worth $20,000. If you go for installment. your lender will pay $20,000 to the car seller behalf of you. now the fact is you actually bought a car in full price and pawned it to the lender for $20,000 with an interest. installment is equal to pawning with interest which is prohibited in islam.
It's completely orthogonal on whether or not there is an item in the middle, you have to look at the end result in a holistic manner. When I sell you my phone for $100 cash vs $10/month for a year (for a total of $120), I'm basically loaning you $100 and expect $120 over the course of the year. This is clearly riba. Do not get bogged down in the small details, look at the overall contract. Ibn 'Abbas said something very similar about these sorts of transactions. They are simply a money-for-money transactions with an item in the middle.
@said bro. You have just made selling and buying haram because selling or buying something is basically a money transaction with an object in the middle. So if I buy something at $1 I can't sell it for $ 2 to make a profit? That will be making money out of money with an object in the middle?
Assalamu Alaikum, do you have any recommendations for third part funding that uphold islamic values in the UK? I'm doing some research to purchase a car, though at the moment that looking to be a difficult task. Thank you
Jacking up the price is a profit for the seller for selling you an asset and not charging interest. However, what is haram is if the seller charges you a fees (call it a penalty or a fine) for missing payments or delaying payments.
In islamic bank, they will buy the product and resell at the higher price. Most of the final price is even higher than financing at the commercial bank. They is an islamic finance in Canada, for a house that cost 500K, they buy it and resell it to for almost 800K and give you 30 years to repay the loan. But at a commercial bank, for a 500k mortgage, you will end paying 730K after 30 years. Most islamic banks are more expensive than traditional bank. At the end, they will charge the same amount as the traditional bank or even more and they will call it as profit during the transaction.
I wanted to know, studying finance, there's so many different rates like Liquidity Premium, Discount Premium, and then rate for a treasure bond, and then just rates which increase stock price and real estate price, how do we know if that is riba or not? Also, isn't Inflation a type of passive interest that is applied to our money? Also, technically all the money in the world has gone through riba, and hence companies also use loans, so wouldnt almost every salary be partly riba? For such reasons, I just thought we have to think about our direct actions more than what could be.
Salam Rakaan. I was wondering that you mentioned in the end of the video that you recommend getting funding from a third party when going to buy a car if one doesn´t have sufficient cash. Is this Halal and won´t there be any Riba from taking funding or a loan from a third party?
Salam What if the price of car is lets say $50,000 And they offer If you buy with 0% apr the price remain same which is $50,000 But if you buy the car on cash they offer “discount “ of $5,000 The actual price is 50,000 but they are giving the discount on cash purchase So if we but for actual price on 0% will it be riba or not?
What if the vehicle financed is below Kelley Blue Book (KBB) value or below MSRP? The person purchased the car and obtained financing from 3rd party to further lower the final price. The definition of riba is charging a fee for the loan. If you add the "interest fee" and vehicle sale price it would add up to Kelley blue book value. Other dealerships are selling the said vehicle at KBB.
What about this scenario: A businessman wants to start a business buying and selling cars. He goes to a car dealership (paying retail prices since he doesn’t have the contacts to buy at cheaper wholesale prices yet) and buys a car outright using his cash. He adds his profit margin (let’s say 15%) so a car that costs him $20,000 this business man would sell for $23,000 and the price would be the same if a customer paid in one shot using cash or in installments over five years. His customers would be those who couldn’t afford to buy it outright for $20k from the other car dealership (the same dealership where the business man buys his cars from) so they come to him because he gives them five years to pay off a car which is more expensive then the other car dealership. Would this be a halal business model for this business man?
It seems that the only value the seller is providing is their willingness to wait to receive their money for a fee. To the extent that the parties are aware of this, it’s riba.
Practical Islamic Finance Well the extra he is charging is his profit margin -whether the buyer wants to buy it outright or in installments-it’s not really a fee for waiting to get paid. It seems that you would be condemning a seller who is not able to buy his products at wholesale prices and has to resort to buying at retail prices then adding his profit margin to that.
new to ur channel...nice effort. but what is your qualification? r u an islamic mufti? have u studied islamic finance? what is the research / references to back all these claims? should every one be allowed to decide or give their opinion on what is halal or haram? or is it just a hot topic for click bait and money making stream via youtube?
Im not sure about this video i did bought a car 2 years ago new with 0% interest the price was exactly the msrp so nothing added i got free winter tires .the price never increase some dealer dont do 0% apr like mercedes ive never heard of this unless its for a used car volkwsagen , infinity,toyota does offer sometimes 0% apr obviously you could negociate a discount if you get something with interest but for me its a no brainer msrp 0% interest nothing added not haram .
Again a very good video. I just could not understand entirely a particular point in the last few minutes of your video where you twice recommended to get a finance from third party (and then it becomes halal if i understand you correctly?)
Another question, what incentive will the seller have to help anyone buying a car if they’re gonna take years to pay them off. There’s also inflation which the value of the dollar always decreases every year so the seller won’t benefit from that stand point either. Another point of the seller is that the buyer is using the vehicle and adding depreciation to the car. Again it’s not only a borrowing of money to gain more money over time (riba), there’s a physical product sold here. I mean what seller wouldn’t mind selling all of its cars cash every-time which is risk free.
Car manufacturers need to sell cars to continue to operate. Car dealerships sometimes even have to sell cars at a loss if they want to meet quotas (you can get a good deal usually if you go at the end of the month, and especially at the end of the year, you'll have to know what you're talking about though so they don't take advantage of you). So while they are taking a risk by not taking their money upfront, there's also a risk when they loan out the car since the payer might default even if there is no interest/riba involved. So as far as I'm concerned, this is a somewhat orthogonal issue (the interest rate won't cover the depreciation cost anyway). Secondly, inflation today is especially caused by interest. The government controls inflation by controlling the interest rate, and they also print notes to bring down the value of the money you worked hard to get. We're stuck in an unsustainable cycle, which will at some point break. The financial system is structured in a way to promote lending (riba) in order to make a relatively small number of people profit. A riba-free society would probably see much less borrowing, and/or manufacturers would be forced to sell their products while not expecting a gain on the loan. This benefits the consumer, reduces consumerism and uncontrolled capitalism, evens out the playing field, and is probably also much better for the environment since the goal is not growth at all costs as what capitalism dictates.
@@ageedtahir3128 I think once a proper Islamic non Riba based system is implemented, there will be a cascading effect on the entire economic system. As you point out, the dealer does not want to wait years to get his payment. But car prices are high in the first place partially because of government induced inflation, which is caused by them dictating an interest rate. With zero interest, car and asset prices may settle down too something more reasonable such that it won't take years to pay off, or that it becomes much easier to provide a collateral on the zero interest loan in case of default. Just my thoughts
In one of your previous videos you said they are charging a profit, even though they are calling it ''interest" so it is halal. You are being confusing now
Precisely.. if the car dealership has a higher price for paying installments, you’re still paying for an asset.. youre not paying extra for money loaned to you. The answers to the counter arguements were not completely correct. When you make a purchase with a credit card you are borrowing money to buy an item that isn’t owned by the credit card company.. in no way is that the same as paying a company a higher price for an asset that company owns and is selling to you.. I would have to disagree with the way you applied the definition of riba cuz it’s seems you are mixing up riba with an actual permissible sale
Good video again .. few points to query 1. Paying a higher price in instalments isn’t that what مرابحة entails or any other Islamic purchase loan product ?. 2. Is the use of credit cards with making sure you pay before APR is applied halal ? 3. Taking into considerations of 0 % car purchase ... what if you agree to pay the dealer for example 1500 dollars as the difference for instalments as a deposit and to charge you 0% on the same amount for example if the car is 10000 dollars and you are offered a5%APR , instead you pay the 5%ahead and pay 10k on a 0%
Thank you brother Eyas, 1. Yes, watch my video on Murabaha 2. For my full opinion please watch my video on credit cards 3. I don’t see what the arrangement in your example accomplishes
Asslamuaalikum brother i am from india , I have question regarding 1.debt factoring please can u make one for this topic as I was thinking to use this option in my business as to transfer my trade recievables and improve my liquidity. as in debt factoring i wouldn't be paying interest or getting extra benefit. 2. can I get interest free loan from bff financing because there are no islamic banks in india and are banned to open one from government side. I would be waiting for your response so please make sure to respond.
Agree wd u First of all it is not selling at all...it is a Qarz..so any increase on Qarz should be Riba...anyway anyone should not believe me wdout argueing ds wd a mufti.
I HAVE A ONE QUETION I WANT TO START BUSINESS CAR FINANCE, IF IA GIVE LOAN RS 100000/- TO CAR COLLECTION PROCESS 10% COMMITION WILL CHARGE I.E 10000/- HENCE I WILL RECEIVE RS110000/-(100000 + 10000) BUT AT A TIME I WILLL RECEIVE WHEN DOING FILE RS 10000, REMAING 100000 WILL RECEIVE WITH 12 INSTALMENTS MAY I ELIGIBLE UNDER ISLAMIC FINANCE. AS HALAL
Brother, you did not cover late payment on zero percent APR (assuming the vehicle price did not increase). Accordingly to most scholars, due to late payment penalty it is still considered RIBA even they are offering zero percent interest with no increase in car price. Allah knows best.
Fact- Nobody is going to lend you money for free, except your mother :). Riba is haram, but the sad truth is that Islamic institutions are charging you much more for "Halal" loans. I have yet to see one that doesn't. They happily take your interest/fees/whatever, and call it something else to Halalize it for you.
Hey man, you got things messed up and you mixed things. I don't know what your educational background is but definitely it's not sharia. I really hope you don't talk without years of knowledge/education. "Say: the things that my Lord hath indeed forbidden are: shameful deeds, whether open or secret; sins and trespasses against truth or reason; assigning of partners to Allah, for which He hath given no authority; and saying things about Allah of which ye have no knowledge." (Al-A'raaf 33) Please, start working on yourself and start reading and learning about sharia before making youtube videos for profit so you don't be one of those. "Then woe to those who write the Book with their own hands, and then say:"This is from Allah," to traffic with it for miserable price!- Woe to them for what their hands do write, and for the gain they make thereby." (Al-Baqara 79) Selling/buying in installments with higher price than cash price is totally halal. The problem comes when third party joins the deal, where you get your product and the dealership gets their cash price and the third party is getting the profit. What happened just now is money-trade which is the basis of Riba. And those are not my words. Cause I don't have enough knowledge in sharia. I am copying from website called: islamweb.net/en/ which is being running by the ministry of aqwaf and islamic affairs in Qatar (it has 5 different languages) Please read throughout the following link: www.islamweb.net/en/fatwa/354679/ruling-on-hire-purchase-sale
I would suggest starting with the great book: "Islamic Finance for Dummies" www.dummies.com/personal-finance/islamic-finance/islamic-finance-for-dummies-cheat-sheet/ Do not get stuck on the name. It has real breadth of information by a scholar who has a doctorate degree on this topic. Specifically, one can start by looking at "cost-plus" / murabaha contracts: www.dummies.com/personal-finance/islamic-finance/make-purchases-with-cost-plus-profit-murabaha-contracts/
The brother in the video is correct. I refer you to what Ibn Abbas and Ibn Mas'oud said about these sorts of transactions. عن ابن عباس قال: إذا استقمت بنقد وبعت بنقد فلا بأس به، وإذا استقمت بنقد فبعت بنسيئة فلا. إنما ذلك ورق بورق. المصنف ج 8 ص 236 رقم 15028 وهذا نص في تحريم هذه المعاملة والمعنى إذا قومت السلعة بنقد، فقلت هذه تساوي مائة دينار، ثم بعتها بالمائة نقدا فهذا بيع لا بأس به. وأما إذا قلت هذه تساوي مائة بمائة وعشرين إلى سنة. وهذا معنى قول ابن عباس (إنما ذلك ورق بورق) أي بيع فضة بفضة، وهذا حرام إلى أجل!! ولا يعرف في الصحابة فيما أعلم من خالف هذه الفتوى وبذلك تكون هذه الفتوى من ابن عباس قول صحابي لا مخالف له، وقد وافق هذا النص مأخوذ من كتاب "القول الفصل في بيع الأجل"
Dude check his video about himself(scroll down to the start of his UA-cam page). He has all the points related to halal or haram. And the 3rd party he's referring to is halal financing where the the person borrow money in return to a percentage of "PROFIT" from his income and not on "investment". Start with his early videos about himself, riba(interest), maysir(gambling), gharar(decive) and many other videos. I respect that you care for your Muslim brothers and sisters but at the same time you should know about the person before you point your finger. Asalamu alaikum brother.
Hello brother Thank you for this. I am having a major decision coming up and can't find a straight answer halal or haram We are a brokerage firm selling off plan property, meaning it will be delivered in 2 years. Now the developer is offering us to sell it at different price points depending on how much cash the customer puts upfront, so the more the customer pays, the bigger the "discount" is. House is 1M with 0 down 600k if you pay it in cash Ribba or not? Thank you so so much
i dont know any sheikh who says it's haram to jack the price up if you want to pay in instalment. car or not. You are the only one who says it's haram.
I bought a car on finance from Seat with 0% interest. No third part was involved they offered the 0% finance. The car was more expensive with the 0% because I did not have the money to buy it outright. As long as the amount doesn't change, I don't see the issue.
all sheikh says it's halal this practice. only this guy says it's haram. there is absolutely nothing wrong with it.
even with apr above 0% it's still halal.
@@AhmedAhmed-yu5mz how?
So should I not buy a car if I can’t afford it in cash and don’t have friends to help ?
FYI, I sell used cars. I don’t believe it’s all practically the same if you charge extra for doing installments (a loan is a loan if you charge additional costs; like you mention in the video). If you get a personal loan, you’re free to spend it on whatever you choose weather it’s good or bad stuff. If you do installments with a dealership, all the money is going towards the car. It’s not simply a loan of money that’s you’re paying back. You’re buying a physical product in installments and nothing else.
Actually your lender paying the full amount of the car behalf of you. which means you are pawning your car for some sort of money. For an example if you want to buy a car worth $20,000. If you go for installment. your lender will pay $20,000 to the car seller behalf of you. now the fact is you actually bought a car in full price and pawned it to the lender for $20,000 with an interest. installment is equal to pawning with interest which is prohibited in islam.
It's completely orthogonal on whether or not there is an item in the middle, you have to look at the end result in a holistic manner. When I sell you my phone for $100 cash vs $10/month for a year (for a total of $120), I'm basically loaning you $100 and expect $120 over the course of the year. This is clearly riba. Do not get bogged down in the small details, look at the overall contract. Ibn 'Abbas said something very similar about these sorts of transactions. They are simply a money-for-money transactions with an item in the middle.
@said bro. You have just made selling and buying haram because selling or buying something is basically a money transaction with an object in the middle. So if I buy something at $1 I can't sell it for $ 2 to make a profit? That will be making money out of money with an object in the middle?
@@RikazZarook the dealer is the lender also in this case. There’s no 3rd party lender.
Assalamu Alaikum, do you have any recommendations for third part funding that uphold islamic values in the UK? I'm doing some research to purchase a car, though at the moment that looking to be a difficult task. Thank you
Jacking up the price is a profit for the seller for selling you an asset and not charging interest. However, what is haram is if the seller charges you a fees (call it a penalty or a fine) for missing payments or delaying payments.
In islamic bank, they will buy the product and resell at the higher price. Most of the final price is even higher than financing at the commercial bank.
They is an islamic finance in Canada, for a house that cost 500K, they buy it and resell it to for almost 800K and give you 30 years to repay the loan.
But at a commercial bank, for a 500k mortgage, you will end paying 730K after 30 years.
Most islamic banks are more expensive than traditional bank. At the end, they will charge the same amount as the traditional bank or even more and they will call it as profit during the transaction.
I wanted to know, studying finance, there's so many different rates like Liquidity Premium, Discount Premium, and then rate for a treasure bond, and then just rates which increase stock price and real estate price, how do we know if that is riba or not?
Also, isn't Inflation a type of passive interest that is applied to our money?
Also, technically all the money in the world has gone through riba, and hence companies also use loans, so wouldnt almost every salary be partly riba? For such reasons, I just thought we have to think about our direct actions more than what could be.
Yeah true words brother,I also want to know about it
Salam Rakaan. I was wondering that you mentioned in the end of the video that you recommend getting funding from a third party when going to buy a car if one doesn´t have sufficient cash. Is this Halal and won´t there be any Riba from taking funding or a loan from a third party?
Salam
What if the price of car is lets say $50,000
And they offer
If you buy with 0% apr the price remain same which is $50,000
But if you buy the car on cash they offer “discount “ of $5,000
The actual price is 50,000 but they are giving the discount on cash purchase
So if we but for actual price on 0% will it be riba or not?
What if the vehicle financed is below Kelley Blue Book (KBB) value or below MSRP? The person purchased the car and obtained financing from 3rd party to further lower the final price. The definition of riba is charging a fee for the loan. If you add the "interest fee" and vehicle sale price it would add up to Kelley blue book value. Other dealerships are selling the said vehicle at KBB.
May Allah s.w.t bless you, protect you .. such a thoughtful analysis for common person. Jazakallah bro
What about this scenario:
A businessman wants to start a business buying and selling cars. He goes to a car dealership (paying retail prices since he doesn’t have the contacts to buy at cheaper wholesale prices yet) and buys a car outright using his cash. He adds his profit margin (let’s say 15%) so a car that costs him $20,000 this business man would sell for $23,000 and the price would be the same if a customer paid in one shot using cash or in installments over five years. His customers would be those who couldn’t afford to buy it outright for $20k from the other car dealership (the same dealership where the business man buys his cars from) so they come to him because he gives them five years to pay off a car which is more expensive then the other car dealership. Would this be a halal business model for this business man?
It seems that the only value the seller is providing is their willingness to wait to receive their money for a fee. To the extent that the parties are aware of this, it’s riba.
Practical Islamic Finance
Well the extra he is charging is his profit margin -whether the buyer wants to buy it outright or in installments-it’s not really a fee for waiting to get paid. It seems that you would be condemning a seller who is not able to buy his products at wholesale prices and has to resort to buying at retail prices then adding his profit margin to that.
God bless you brother, your answer and the way you explained makes more sense than many videos regarding this matter on UA-cam.
new to ur channel...nice effort. but what is your qualification? r u an islamic mufti? have u studied islamic finance? what is the research / references to back all these claims? should every one be allowed to decide or give their opinion on what is halal or haram? or is it just a hot topic for click bait and money making stream via youtube?
Brother Rakan, what do you mean by a 3rd party financing?!!! When I have the cash needed to buy the car, I will not look for 0% financing!!
thanks for the video
Then we are kinda screwed in every way.
😂 exactly! There's no consensus! It's a mess. I'm losing hope in these "scholars"
Im not sure about this video i did bought a car 2 years ago new with 0% interest the price was exactly the msrp so nothing added i got free winter tires .the price never increase some dealer dont do 0% apr like mercedes ive never heard of this unless its for a used car volkwsagen , infinity,toyota does offer sometimes 0% apr obviously you could negociate a discount if you get something with interest but for me its a no brainer msrp 0% interest nothing added not haram .
Edit you did say at the end that same price 0% = halal . But what about my case msrp=0% halal but cash purchase get 2000$ rebate ??
Again a very good video. I just could not understand entirely a particular point in the last few minutes of your video where you twice recommended to get a finance from third party (and then it becomes halal if i understand you correctly?)
Yes, get halal funding from a third party provider and then go the dealership.
Practical Islamic Finance what’s halal funding. You’re borrowing money. Who’s gonna let you borrow money for years and not charge anything.
Ageed Tahir fundmebff.com :)
Another question, what incentive will the seller have to help anyone buying a car if they’re gonna take years to pay them off. There’s also inflation which the value of the dollar always decreases every year so the seller won’t benefit from that stand point either. Another point of the seller is that the buyer is using the vehicle and adding depreciation to the car. Again it’s not only a borrowing of money to gain more money over time (riba), there’s a physical product sold here. I mean what seller wouldn’t mind selling all of its cars cash every-time which is risk free.
Car manufacturers need to sell cars to continue to operate. Car dealerships sometimes even have to sell cars at a loss if they want to meet quotas (you can get a good deal usually if you go at the end of the month, and especially at the end of the year, you'll have to know what you're talking about though so they don't take advantage of you). So while they are taking a risk by not taking their money upfront, there's also a risk when they loan out the car since the payer might default even if there is no interest/riba involved. So as far as I'm concerned, this is a somewhat orthogonal issue (the interest rate won't cover the depreciation cost anyway).
Secondly, inflation today is especially caused by interest. The government controls inflation by controlling the interest rate, and they also print notes to bring down the value of the money you worked hard to get. We're stuck in an unsustainable cycle, which will at some point break. The financial system is structured in a way to promote lending (riba) in order to make a relatively small number of people profit. A riba-free society would probably see much less borrowing, and/or manufacturers would be forced to sell their products while not expecting a gain on the loan. This benefits the consumer, reduces consumerism and uncontrolled capitalism, evens out the playing field, and is probably also much better for the environment since the goal is not growth at all costs as what capitalism dictates.
@@ZiadHatahet as a local used car dealer is my question. Not major dealers.
@@ageedtahir3128 I think once a proper Islamic non Riba based system is implemented, there will be a cascading effect on the entire economic system. As you point out, the dealer does not want to wait years to get his payment. But car prices are high in the first place partially because of government induced inflation, which is caused by them dictating an interest rate. With zero interest, car and asset prices may settle down too something more reasonable such that it won't take years to pay off, or that it becomes much easier to provide a collateral on the zero interest loan in case of default. Just my thoughts
Real estate ? Is it possible to get funded for that.
In one of your previous videos you said they are charging a profit, even though they are calling it ''interest" so it is halal.
You are being confusing now
Precisely.. if the car dealership has a higher price for paying installments, you’re still paying for an asset.. youre not paying extra for money loaned to you.
The answers to the counter arguements were not completely correct. When you make a purchase with a credit card you are borrowing money to buy an item that isn’t owned by the credit card company.. in no way is that the same as paying a company a higher price for an asset that company owns and is selling to you..
I would have to disagree with the way you applied the definition of riba cuz it’s seems you are mixing up riba with an actual permissible sale
@@saudahsaarah so paying instalments with an increase in price is haram but increase in instalment payments for leasing is ok?
Good video brother !
Thanks brother!
Good video again .. few points to query
1. Paying a higher price in instalments isn’t that what مرابحة entails or any other Islamic purchase loan product ?.
2. Is the use of credit cards with making sure you pay before APR is applied halal ?
3. Taking into considerations of 0 % car purchase ... what if you agree to pay the dealer for example 1500 dollars as the difference for instalments as a deposit and to charge you 0% on the same amount for example if the car is 10000 dollars and you are offered a5%APR , instead you pay the 5%ahead and pay 10k on a 0%
Thank you brother Eyas,
1. Yes, watch my video on Murabaha
2. For my full opinion please watch my video on credit cards
3. I don’t see what the arrangement in your example accomplishes
@@practicalislamicfinance links?
Asslamuaalikum brother i am from india , I have question regarding
1.debt factoring please can u make one for this topic as I was thinking to use this option in my business as to transfer my trade recievables and improve my liquidity. as in debt factoring i wouldn't be paying interest or getting extra benefit.
2. can I get interest free loan from bff financing because there are no islamic banks in india and are banned to open one from government side.
I would be waiting for your response so please make sure to respond.
How do I avoid paying interest, if I don't have cash to pay for the car?
Get an older car
buy a donkey
Ask islamic financing bff as brother said they will help in financing for basically anything.
Salam bro what country are you from also may i ask what you qualifications are ...i think these channels are good
Anyone help me to buy car as halal way
Agree wd u First of all it is not selling at all...it is a Qarz..so any increase on Qarz should be Riba...anyway anyone should not believe me wdout argueing ds wd a mufti.
Salam brother, can you do a video on investing in REITs.
InshAllah brother I will. Thanks for the suggestion.
I HAVE A ONE QUETION
I WANT TO START BUSINESS CAR FINANCE, IF IA GIVE LOAN RS 100000/- TO CAR
COLLECTION PROCESS 10% COMMITION WILL CHARGE I.E 10000/- HENCE I WILL RECEIVE RS110000/-(100000 + 10000) BUT AT A TIME I WILLL RECEIVE WHEN DOING FILE RS 10000, REMAING 100000 WILL RECEIVE WITH 12 INSTALMENTS MAY I ELIGIBLE UNDER ISLAMIC FINANCE. AS HALAL
Can you make a video about futures/options in derivate market.
Brother, you did not cover late payment on zero percent APR (assuming the vehicle price did not increase). Accordingly to most scholars, due to late payment penalty it is still considered RIBA even they are offering zero percent interest with no increase in car price. Allah knows best.
Late payment fees are not riba
I m agreed.
But taking out money from the third-party it's also riba in it
If they charge interest
Which bank give money without interest 😂😂😂
Where to get the funding from?😂
So your advice after this lengthy video is to buy the car cash lol
PLEASE REPLAY SIR
Fact- Nobody is going to lend you money for free, except your mother :). Riba is haram, but the sad truth is that Islamic institutions are charging you much more for "Halal" loans. I have yet to see one that doesn't. They happily take your interest/fees/whatever, and call it something else to Halalize it for you.
Hey man, you got things messed up and you mixed things. I don't know what your educational background is but definitely it's not sharia. I really hope you don't talk without years of knowledge/education.
"Say: the things that my Lord hath indeed forbidden are: shameful deeds, whether open or secret; sins and trespasses against truth or reason; assigning of partners to Allah, for which He hath given no authority; and saying things about Allah of which ye have no knowledge." (Al-A'raaf 33)
Please, start working on yourself and start reading and learning about sharia before making youtube videos for profit so you don't be one of those.
"Then woe to those who write the Book with their own hands, and then say:"This is from Allah," to traffic with it for miserable price!- Woe to them for what their hands do write, and for the gain they make thereby." (Al-Baqara 79)
Selling/buying in installments with higher price than cash price is totally halal. The problem comes when third party joins the deal, where you get your product and the dealership gets their cash price and the third party is getting the profit. What happened just now is money-trade which is the basis of Riba.
And those are not my words. Cause I don't have enough knowledge in sharia. I am copying from website called: islamweb.net/en/ which is being running by the ministry of aqwaf and islamic affairs in Qatar (it has 5 different languages)
Please read throughout the following link:
www.islamweb.net/en/fatwa/354679/ruling-on-hire-purchase-sale
I would suggest starting with the great book: "Islamic Finance for Dummies"
www.dummies.com/personal-finance/islamic-finance/islamic-finance-for-dummies-cheat-sheet/
Do not get stuck on the name. It has real breadth of information by a scholar who has a doctorate degree on this topic.
Specifically, one can start by looking at "cost-plus" / murabaha contracts: www.dummies.com/personal-finance/islamic-finance/make-purchases-with-cost-plus-profit-murabaha-contracts/
The brother in the video is correct. I refer you to what Ibn Abbas and Ibn Mas'oud said about these sorts of transactions.
عن ابن عباس قال: إذا استقمت بنقد وبعت بنقد فلا بأس به، وإذا استقمت بنقد فبعت بنسيئة فلا. إنما ذلك ورق بورق.
المصنف ج 8 ص 236 رقم 15028
وهذا نص في تحريم هذه المعاملة والمعنى إذا قومت السلعة بنقد، فقلت هذه تساوي
مائة دينار، ثم بعتها بالمائة نقدا فهذا بيع لا بأس به. وأما إذا قلت هذه تساوي مائة
بمائة وعشرين إلى سنة. وهذا معنى قول ابن عباس (إنما ذلك ورق بورق) أي بيع
فضة بفضة، وهذا حرام إلى أجل!! ولا يعرف في الصحابة فيما أعلم من خالف هذه
الفتوى وبذلك تكون هذه الفتوى من ابن عباس قول صحابي لا مخالف له، وقد وافق
هذا النص مأخوذ من كتاب "القول الفصل في بيع الأجل"
Dude check his video about himself(scroll down to the start of his UA-cam page). He has all the points related to halal or haram. And the 3rd party he's referring to is halal financing where the the person borrow money in return to a percentage of "PROFIT" from his income and not on "investment".
Start with his early videos about himself, riba(interest), maysir(gambling), gharar(decive) and many other videos.
I respect that you care for your Muslim brothers and sisters but at the same time you should know about the person before you point your finger.
Asalamu alaikum brother.
Salam alaikum bro do you help people from sweden?
Walaykum Salam, if you’re asking about FundMeBFF, we are currently limited to the United States. Maybe in the future InshAllah.
Hello brother
Thank you for this.
I am having a major decision coming up and can't find a straight answer halal or haram
We are a brokerage firm selling off plan property, meaning it will be delivered in 2 years.
Now the developer is offering us to sell it at different price points depending on how much cash the customer puts upfront, so the more the customer pays, the bigger the "discount" is.
House is 1M with 0 down
600k if you pay it in cash
Ribba or not?
Thank you so so much