Dr. Monzer Kahf, a prominent economist and counselor, states the following: Auto finance and all other finance, when done on interest-based-loans is certainly Haram. On the other hand, financing auto purchase on the basis of other forms of financing that are permissible in Shari’ah is Halal. These forms include: Surabaya and leasing (as defined in the Shari’ah).
Auto Finance in Islam
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