What is the ruling on buying a car through a bank on installments?
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Question:
He says: I want to buy a car, so I went to the bank, or to one of the merchants to buy the car for me. He buys it for me on installments and takes interest on it. What is the ruling? May Allah reward you with good.
Answer:
This is not permissible because he sold what he does not own. Do not go to anyone except one who has the commodity you want, whether it is a car or something else. If he has the commodity available in his ownership, then you buy from him for cash or on credit. As for going to someone who does not have the commodity and then he goes to find it for you, this is not permissible. This is selling what one does not own. Yes.
He says: I want to buy a car, so I went to the bank, or to one of the merchants to buy the car for me. He buys it for me on installments and takes interest on it. What is the ruling? May Allah reward you with good.
Answer:
This is not permissible because he sold what he does not own. Do not go to anyone except one who has the commodity you want, whether it is a car or something else. If he has the commodity available in his ownership, then you buy from him for cash or on credit. As for going to someone who does not have the commodity and then he goes to find it for you, this is not permissible. This is selling what one does not own. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم شراء السيارة عن طريق البنك بالأقساط؟ #فتاوى الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.