Question ID: 18794
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As salamu alaikum. A major car dealer in the USA offered 0% interest financing for a set amount of time. They also stipulated in their contracts late payment fees if the monthly amount was not paid on time. A Muslim entered into this contract to finance a car. Was it OK to enter into this contract, with the intention the Muslim would never be late on payments (and has not been)?

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Asked on September 29, 2014 4:48 pm
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The clause of penalty on delay in installment payment is not Islaamic.
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Answered on September 29, 2014 4:48 pm