Complete Guide to Sharia Car Loans Without Usury

Having a private vehicle in the form of a car is certainly a dream of many people. Having a car can facilitate all activities and of course can improve one’s social status. In addition, you can also serve your parents when you have a car, because you can take them for a walk with your wife and child. But the price of expensive cars is often an obstacle. One of the steps taken to be able to have a car is to do credit. Unfortunately many people have conventional car loans, even though there are now sharia car loans.

Islamic car loan is a system of non-cash purchases of a vehicle that is a car in accordance with Islamic principles. Unlike the conventional car loan system that refers to interest, the sharia system refers to margins as in the buying and selling mechanism.

Also Read: Buying and Selling in Islam and Its Examples

Sharia Car Loan Mechanism

Islamic car loans generally use the murabaha contract What is a murabahah contract ? Simply put, you will be financed by the motorized vehicle you want at a price that has been added to the margin. You can buy the vehicle by non-cash alias installments for a specified tenor.


Islamic financial institutions such as Islamic banks offer a lot of motor vehicle financing facilities.

So, the Sharia Bank will act as the party who will sell the motorcycle product at a price that has been added by the margin. Then the customer can pay by installments during the agreed tenor. Say, you want to buy a Ninja 250R motorcycle for Rp. 23 million. Bank Syariah adds to the purchase price of the motorbike as a margin of Rp1 million, so the total cost that must be incurred by customers is Rp24 million. From a number of tenor options, you choose a 24-month tenor. So that you will pay the motorbike fee consistently at Rp. 1 million / month and this is flat and there will be no additional costs. Unlike the case with interest rates that can change at any time in accordance with its development.

Also Read: The Ijarah Agreement in Islamic Economics

Requirements for Applying for Sharia Car Loans


So that you can apply for Islamic car loans, there are some conditions you must meet. In every bank there are often different points related to requirements. However, the general requirements to be able to get Islamic car loan facilities include:

1) Photocopy of KTP

2) Possessing a source of income (as evidenced by the salary slip or checking account for the last 3 months)

3) Have a SIM

4) If you are a businessman, it is necessary to include a business statement report

In general that is the requirement that must be met when you do intend to apply for Sharia Car Loans.

Benefits of Sharia Car Loans

Using Islamic car loans is not solely because of its halal nature. That is true but there are other things that make buying a car by way of Islamic car loans more profitable than conventional ones. What are the benefits.

1) More secure profitability because the specified margin is fixed throughout the tenor. So if you pay in installments every month is 1 million, then you will still pay 1 million every month until the installments expire.

2) The source of funding is halal because the customer even though he already has an income, but the income must come from things that God indeed halal not to what God forbids.

Also Read: The Concept of Halal Food in Islam

3) There is a penalty penalty, but the allocation is not used as operational or corporate profits but will be allocated as social funds so that the funds charged to you when you make a negligence such as late payment will be distributed to those in need.


Such is the picture of Islamic car loans that you need to know. Hopefully this article can provide enlightenment about safe credit and of course in accordance with sharia. However, keep in mind that even if you have money rather than being allocated for credit it is better to be allocated for investment in the Islamic investment platform .


by Abdullah Sam
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