lease

1- Is it lawful to practice "leasing" of cars and equipment from occidental banks?2- Is there any difference between leasing equipment practiced by the Islamic banks and those of Europe? Notice that the equipment is for investment in Algeria.3- In Algeria, all banks are practicing loans with interest even for investment and there Muslims are given up far from economic development (lot of young brothers are without work and many fathers of Muslim families are without work, especially in sub-Saharan region) due to this problem. What is the solution? How should Muslims from Algeria take part of the economic development if they can't develop their project?

As-salaam-u-Alikum Sir, In Pakistan, Cars are issued on lease. I want a Fatwa on it? I hope you will understand after following example: If the price of car is, for instance, 6,00,000 rupee but the bank gives you some relief by giving some extra time (4 or 5 years) to pay; but demands you to pay 8,00,000 (pakistani currency which is rupee) in several episodes instead of 6,00,000 rupee on the spot. Is it ture to get such car? Is it Riba free? Isn't it a matter of rent? Jazakallah.

Inshallah, My husband and I would like to go on hajj in 2006.  Alhamdulilah all our debts are paid.  However we have a car that we lease.  We have no intention of buying the car.  We want to lease it and turn in back to the company in 2 years.  We pay our lease monthly on the car.  Do we have to pay off the total lease before we go on hajj?  I view the lease as renting the car; however, could the 2 year lease be seen as a debt that must be paid before going on hajj?  May Allah reward you and your family for your help. 

Dear scholars, As-Salamu `alaykum. Obtaining a car via a leasing company: If someone wants to obtain bank credit to buy a car or whatever, is he obliged to ask for this from a usurious bank, unfortunately not from Islamic Banks. The alternative of this is to obtain a car from a leasing company by paying regular rents each month with the option to buy at the end of the contract.The leasing company also applies the interest rate (usury rate) when calculating the rental charge. During the leasing period, the car remains the property of the leasing company. In the Islamic point of view, is this halal or haram? Jazakum Allah khayran.

Dear Scholar, As-Salamu `alaykum. I've read some of your previous Fatwas and was wondering if you would clarify the permissibility of leasing automobiles.In specific, I am interested in leasing in Canada only, as that's where I live. I am assuming the lease is similar to leasing in the US, which I hope you can elaborate on as to whether it's permissible or not.Are there certain clauses I should look for? Or, is it not permissible at all?