BUY A CAR WITHOUT RIBA

BUY A CAR WITHOUT RIBA

CAR LOAN WITH NO RIBA BUY A CAR WITHOUT RIBA INTEREST-FREE AUTO FINANCING

Buy a car without Riba is defined by the action to purchase a vehicle via halal financing that is in accordance with the principles of Islamic finance which rejects the car loans with interest in order to prevent the acquisition of a car for a Muslim borrower from being a victim of usury (Riba).

Buying a car loan with no Riba which is translated as a vehicle loan without interest or usury which corresponds to unfair and abusive gains made by a lender in connection with the financing of the purchase of a car under Islamic law.

A car loan without Riba applies the principles of Islamic Sharia because Riba is prohibited in Islamic economic jurisprudence and considered a major sin because the result of unjust gains made by the lender or the bank to allow a motorist to buy a car.

The car loan without Riba is concluded between an Islamic bank and a future owner on the basis of interest-free financing which causes the lender to halal charge the borrower a profit which will be calculated in advance as soon as the purchase of the vehicle has taken place.