Assalamu Alaikum,
I am currently exploring options to purchase a car in a halal way, as I want Allah’s blessings on my assets. However, given India’s lack of Islamic banking systems, the conventional bank loan option is not permissible.
I came across the leasing options provided by Maruti Suzuki through Quicklyz, which is owned by Mahindra Finance. The leasing plan includes a buyback option, which aligns with my goal of eventually owning the car. As I understand, the lease involves renting the vehicle for a fixed amount without any mention of interest. However, I have a few concerns regarding its permissibility in Islam:
- Late Payment Fee: The FAQ section on the Quicklyz website mentions a 2% late payment fee on the monthly rental if payments are delayed. Additionally, they reserve the right to reclaim the car if payments are further delayed.
- Ownership Structure: Since the car remains in the leasing company’s ownership until the end of the lease tenure, I want to ensure this structure complies with Islamic principles, especially under the buyback option.
Given the above, I would greatly appreciate your guidance on the permissibility of these options in Islam. My priority is to ensure the car is purchased in a halal way, and I am willing to take the extra effort and time needed to achieve this.
JazakAllahu Khair for your help and time. May Allah guide us all to the right path.