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Bank loan with salary as collateral allowed
The authorized official at the Dar al-Iftaa clarified that bank financing for purchasing a car with salary collateral is permissible in Shariah. It is considered a type of financing rather than a traditional loan. By financing, he refers to the regulations under the Bank Law of 2020, which stipulate that financial transfers are conducted in exchange for purchasing a good or service, with prior agreement on the amount of financing and installments. This helps avoid usury (riba) and makes the transaction Shariah-compliant. The clear agreement between the bank and the customer on all details ensures conformity with Islamic principles and distinguishes this type of financing from conventional loans.
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