Questions of An American Muslim/7

Question 7

In western countries, especially in America the professional and social life has become such that people have to purchase the necessities of life like car and refrigerator etc. on installments. While we know the basis of this system is interest, which is not allowed in Islam. In such a condition what is the way out for an American Muslim?

Answer: The thing haraam in Islam is borrowing or lending money on interest. That is a person takes a loan from another that at the time of repayment he would pay a particular amount etc., it is Riba, interest and it is haraam. And there is no harm in purchasing something on installment, even if the cost of this thing is more than what it would have been if it were paid cash.

Philosophy of Islamic Laws:Ayatullah Naser Makarem Shirazi, Ayatullah Jafar Subhani