BANKING

Asalaam Alaikum warahmatullahi wabarakatahu;

I have a doubt regarding Installment on cars. When I am going to a showroom they are saying the amount if for eg: 55,000 SR if on down payment. And when I am taking on installments after every monthly installment there is an increase in the total price by 116 SR. Now I want to know is this INTEREST/RIBA??

If someone is giving us a facility by letting us pay with in a selected time the if he takes something as extra above then is it interest?

asked 4 August 2012

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