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Conditions for Buying and Selling a Car on Installments

Financial Transactions,Buying and Selling,Conditions for Buying and Selling a Car on Installments

Fatwa No :
85282
| Date :
0000-00-00

Fatwa No : 85282
Conditions for Buying and Selling a Car on Installments
معاملات / مالی معاوضات / خرید و فروخت

Conditions for Buying and Selling a Car on Installments

Respected Sir, I wish to purchase a car on installments from a non-banking private company. The company’s conditions are as follows:
1. A down payment must be paid at the time of the agreement, and after 15 to 20 days, once all verification is completed, the car will be handed over.
2. If two or three installments remain unpaid, they will be evenly distributed into the installments of the following year, without any additional charges or late fees.
Kindly guide me in the light of Islam.

الجوابُ حامِدا ًو مُصلیِّا ً

Purchasing a car on installments from the mentioned company will be permissible under the following conditions:
1. At the time of the contract, it must be clearly agreed that the transaction is on credit and installments.
2. The total price of the car as well as the complete installment plan must be determined.
3. In the case of any shortfall or delay in paying an installment, no penalty should be stipulated, nor should the original price be increased because of it. Therefore, keeping the above conditions in view, it will be permissible to purchase the car on installments from the company.

مأخَذُ الفَتوی

كما في فقه البيوع : البيع بالتقسيط : وكما يجوز ضرب الأجل لاداء الثمن دفعة واحدة كذالك يجوز أن يكون اداء الثمن بأقساط ، بشرط أن تكون أجال الاقساط ومبالغها معينة عند العقد وقد يسمى البيع بالتقسيط وهو نوع من بيع المؤجل اھ (۱/ ۵۳۹) والله اعلم بالصواب

And Allah knows best
عبدالواجد وزیرمحمد عُفی عنه
دار الافتاء جامعه بنوریه عالمیه
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