Different cash and credit price

Q: The matter is that I have bought a bike. The original price of the bike is almost 40,000 rupees. But I have bought this bike on installments. So, I have paid 24,000 rupees in advance to owner of the shop and remaining 24,000 rupees I have to pay in installments of 8 months with monthly amount of installment is 3000. So, basic thing I want to ask Is this thing came into the radar of Interest according to teachings of Islam or not? I am looking forward for your detailed answer anxiously with complete proof according to teachings of Islam. I shall be very thankful to you.

A: He has the right to charge the price of his choice.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)