Loan with Heter Iska for Car Purchase
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Question
Hello, a question regarding Heter Iska: Is it permissible to take money with Heter Iska for the purpose of buying a car to get to work?
Answer
It is permissible to borrow with Heter Iska if you have a business, a part of which you can transfer to the lender in exchange for the loan, thus turning the loan into a business. Also, if the borrower has an apartment or land in a place where their value usually increases and is considered a business.
When purchasing a car for work, the car itself can be considered a 'business' because it is expected to generate profits, and therefore, in such a case, the borrower does not need to have an additional business.