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Shariah-compliant car loans

Printed From: IslamiCity.com
Category: Religion - Islam
Forum Name: Islamic Finance
Forum Discription: Islamic Finance
URL: http://www.IslamiCity.com/forum/forum_posts.asp?TID=15379
Printed Date: 19 May 2013 at 2:54am


Topic: Shariah-compliant car loans
Posted By: kashmir1
Subject: Shariah-compliant car loans
Date 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,


Replies:
Posted By: kristi.gill
Date 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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