Buying a vehicle on a lease basis

Question ID: 34058
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Assalamualikum,

need your advice on finance company offering vehicles on lease basis for fixed duration on fixed price.

Example:

Cash Price of Toyota Car: 74,800K

now if i want to buy on lease basis financial company name Abdul Lateef jameel(KSA) offers me following calculations.

Down Payment: 17K

Monthly Payment: 1,500

Lease Period: 36M

Residual Payment: 35 % (24,415)

Total Cost: SR 94,813.

is it halal or haram in Islam. please advice

Regards
KSA.

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Asked on July 20, 2017 11:21 pm
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Private answer

Permissible if there is no penalty on default monthly installment payment.

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Answered on August 4, 2017 10:02 pm