Updated: Jul 1, 2023
This tool will help you compare loan payments, which is a starting point before you can think of anything about the loan. While it's true that there may not be as many options for halal financing available compared to conventional financing, the Islamic finance industry has been growing steadily in recent years to cater to the needs of Muslim consumers. Many financial institutions now offer Shariah-compliant products and services, including home, personal, and business financing. Additionally, it's important to note that the availability and suitability of these options may vary depending on the region and an individual's specific circumstances. It's advisable for Muslims seeking halal financing to consult with scholars or experts in Islamic finance to ensure that the products and services they consider comply with their faith and meet their financial needs, especially those living in Muslim minority countries who do not have Halal financing options, that become more challenging than ever to comply with the Islamic faith.
The calculator is customized to meet the requirements of auto, furniture, or other loan calculations. The calculator will help the user understands the variation of interests due to non-payment or delayed payments. Auto and other loan interest are one of the contributors to owing debts. Compared to Home, the Auto and furniture have far more options, which lures more people to sign up quicker and easier.
The bigger the payment, the fewer years to pay off a loan. Observe the change in the different payments by entering the loan amount, interest rate, and number of years.
DISCLAIMER: We strive to offer users accurate information to the best of our knowledge. However, laws are subject to change; therefore, the user assumes full responsibility and should utilize the information on our website and this tool as a reference per our terms and conditions. If you believe any part of the calculation is incorrect or contains errors, we kindly request your feedback here.