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Shariah-compliant car loans

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kashmir1 View Drop Down
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Joined: 05 September 2009
Location: United Kingdom
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    Posted: 05 September 2009 at 5:50am
Salam all,

I live in the UK and wanted to purchase a car.

I was wondering if you knew if any banks provided Shariah compliant car loans in the UK.

salam,


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kristi.gill View Drop Down
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Joined: 08 October 2010
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kristi.gill Quote  Post ReplyReply Direct Link To This Post Posted: 08 October 2010 at 3:30am
I understand that, under Sharia law, you can not charge interest on deposits or loans. So what I think is, you get a car loan, and you only need to pay the price ex-showroom formless share of 10% or 12% rates.This financing is a growing market worldwide, but is currently provided only a fraction of the resources needed by the industry.
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