We've had great feedback to the post below during the past year. Having spoken to a lot of our Muslim customers who were delighted to find our website, InterestFree4cars.com after reading the blog. The response was fantastic with alot of our Muslim customers congratulating us for a fantastic car finance product, allowing them to spread the cost of their next car over 48 months with no interest to pay, deeming it permissable under the Muslim beliefs.
We would like to thank all of our past and future Muslim customers.
Conventional United Kingdom financing
options conflict with the core beliefs of the Muslim faith, and as a
result, gives Muslims living in the UK who wish to finance a used car no
choice but to go against their beliefs. The core of Islamic economics
is a prohibition on interest, meaning Muslims cannot take or give
interest on anything.
This immediately creates a problem for
Muslims, as conventional banks charge borrowers an interest rate through
which they make profit.
Sharia law requires that Muslim people are
not permitted to pay or receive interest. In order to comply with
Sharia, consumer banking has set up services for Muslim customers
offering mortgages, this usually involves the bank buying the house but
selling it back to the borrower at an inflated price and the customer
paying ‘rent’ until the total amount is paid off.
An empty space waiting for halal (Lawful/Legal) car financing has been evident in the UK, InterestFREE4cars.com aims to fill that void by providing an honest, interest free finance option on all of our cars.
A Muslim car financing option has been required for a long time. Interest free 4 cars
offer customers good, quality used cars on finance with no interest
payable over the term of the loan. There is no hidden cost at any point
of the agreement.
The cost of the car is spread equally over a
maximum of 4 years. The borrower is the registered keeper of the car
and is responsible for the upkeep of it including servicing and
repairs. Extended warranties are offered (optionally) and can also be
financed at 0%.
There are no fees for early settlement of the loan.
After careful research on the web for alternatives, it seems that the search for true Islamic car finance could be over. Interest Free 4 Cars,
whilst not Muslim based, ticks a large number of boxes associated with
Islamic beliefs regarding financing. It offers Muslim people in the UK a
great opportunity to finance a car without the forbidden element of
interest, whilst also following the basic principle of being honest and
transparent.
