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Islamic Finance
 IslamiCity Forum - Islamic Discussion Forum : Religion - Islam : Islamic Finance
Message Icon Topic: Shariah-compliant car loans Post Reply Post New Topic
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kashmir1
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Quote kashmir1 Replybullet Topic: Shariah-compliant car loans
    Posted: 05 September 2009 at 5:50am
Salam all,

I live in the UK and wanted to purchase a car.

I was wondering if you knew if any banks provided Shariah compliant car loans in the UK.

salam,
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kristi.gill
 
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Quote kristi.gill Replybullet Posted: 08 October 2010 at 3:30am
I understand that, under Sharia law, you can not charge interest on deposits or loans. So what I think is, you get a car loan, and you only need to pay the price ex-showroom formless share of 10% or 12% rates.This financing is a growing market worldwide, but is currently provided only a fraction of the resources needed by the industry.
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