Salaam. Is www.buy2letcars.com shariah compliant? The company buy a car on your behalf and lease it to end user for 3years. They return back your capital and a profit at the end of 3years. There is a risk to your capital. Thanks.
Wasalam
May Allah bless you.
There are few issues with this investment:
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the relationship between the investors and the company is ambiguous i.e. are they borrowers or agents acting on behalf of the investors, or are they both? if they are borrowers then the money given to them is a loan and the return is classed as interest and not profit. Hence, this agreement would be haram.
If the company is only some sort of agent acting on behalf of the investors, then we need more clarity on this relationship. -
The capital is guaranteed up to 85% by the company. This condition is against shariah principles.
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Is the car in the ownership of the investors? the information is not clear. If the investors owns the car, then it is the investor who should be bear the liabilities in the case of damages (i.e. not caused by the negligence of the lessee).
However, from what I understand, this is not the case and the full liability is passed on to the lessee. This condition too is not shariah compliant.
And Allah knows best!