ANSWER:

If the financing company buys the property and actually own it without any commitment from your side to buy it and without any down payment, this is permissible if they sell it to you with a fixed final price that can’t change or be increased under any circumstances.

But if they take a written commitment that obliges you to buy it from them before they actually purchase it, this is not permissible 

QUESTION: I had selected one property which would be purchased by the financing agent first and then they will be selling this property to me at a fixed rate that I will be paying in installments for 5 years. It is Ijara contract type, insurance cost is covered by agent. After the contract duration property will be transferred to me. Is this transaction is free of Riba.

Loans, Riba | February 9, 2025 7:32 am
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QUESTION: Over the years I have accumulated a lot of debts. Some of credit cards and some of phone companies. Some of the companies have even been closed. But I know that debt has still to be given in charity. I want to know if I have to pay the interest or the other fines that the companies had imposed on me or just the principal amount..
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QUESTION: Can i give the interest money to poor non-muslims in order to cleanse my wealth?