Can you advice me about taking a car through Qatar international Islamic bank? I have an account with them and wish to take a used car. I was told that they are not taking any Ribaa.
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.
The Islamic ruling of purchasing a car from the bank depends on its procedure in this matter. If the bank possesses the car after purchasing it and then sells it to the customer in installments with profits then it is allowed. We think that the bank that is mentioned in your question is functioning this way.
If the bank does not purchase the car but pays the price on behalf of the customer and then takes from him more than the paid amount in installments, then it is forbidden since it is an interest-based transaction.
Allaah Knows best.
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