Is buying a car on installment considered a loan?
Machine translationRead the Arabic original
Question:
Among the questions we received, the Honorable Shaykh says: How can a person take a loan that is halal? Honorable Shaykh, a man has cars in his house and on his farm. What is the default ruling on this sale?
Answer:
This is not a loan; it is a sale. He buys the car that suits him for a spot price or a deferred price, according to what they agree upon. This is not a loan; it is a sale. Yes.
Among the questions we received, the Honorable Shaykh says: How can a person take a loan that is halal? Honorable Shaykh, a man has cars in his house and on his farm. What is the default ruling on this sale?
Answer:
This is not a loan; it is a sale. He buys the car that suits him for a spot price or a deferred price, according to what they agree upon. This is not a loan; it is a sale. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، 2282 - هل شراء السيارة بالتقسيط يُعد قرضا - الشيخ صالح الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.