A bank that buys everything I request on the condition that I am an employee and that I transfer my salary to that bank
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Fatwa number ( 20838 )
Q: There is a bank that buys anything I request, such as furniture, a piece of land, or a car, on the condition that I am an employee and that I transfer my salary to that bank for a period of (5) five years, as a guarantee of its right. For example: I go to that bank and say to them: I want you to buy a car for me, and they say to me: go to
The company or showroom where the car you want is located, and get from that showroom or company an official document stating the value of the car. When I bring the document, they give me a check made out to that company or showroom for the value of the car, accompanied by a paper written on it: Pay the bearer of this check for his car. If the price of the car is (100,000) one hundred thousand riyals, they add 7% for one year for deferred sale over a period of (5) five years, so the price of the car becomes (135,000) one hundred and thirty-five thousand riyals in the official documents at the bank. There is another example: If I want to buy a plot of land, they ask me to bring a document from the real estate office stating the value of the land, then they pay me the check and add 7% interest for the deferral over a period of five years. If the price of the land is one hundred thousand riyals, it becomes (135) one hundred and thirty-five thousand riyals owed to that bank. Is this sale a type of salam sale; because they guaranteed their right in advance for a period of five years, since I am an employee, and they took papers and commitments from me whereby my salary is automatically transferred to that bank, so they take their installment each month and leave me the rest? And is this sale permissible in the Shari'ah or not?
A: It is not permissible to deal in the transaction mentioned; because its reality is a loan
with an increase stipulated at the time of repayment, and the form mentioned is merely a ruse, otherwise it is a riba transaction forbidden in the Book and the Sunnah and by the consensus of the Ummah, in addition to the fact that the bank sold this car or land before it owned it, and the Messenger (peace and blessings be upon him) says:Sunan Ibn Majah 2187Hasan (Darussalam) , so it is obligatory to abandon dealing in it in obedience to Allah and His Messenger (peace and blessings be upon him) [At-Talaq 65:2-3] . And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: There is a bank that buys anything I request, such as furniture, a piece of land, or a car, on the condition that I am an employee and that I transfer my salary to that bank for a period of (5) five years, as a guarantee of its right. For example: I go to that bank and say to them: I want you to buy a car for me, and they say to me: go to
The company or showroom where the car you want is located, and get from that showroom or company an official document stating the value of the car. When I bring the document, they give me a check made out to that company or showroom for the value of the car, accompanied by a paper written on it: Pay the bearer of this check for his car. If the price of the car is (100,000) one hundred thousand riyals, they add 7% for one year for deferred sale over a period of (5) five years, so the price of the car becomes (135,000) one hundred and thirty-five thousand riyals in the official documents at the bank. There is another example: If I want to buy a plot of land, they ask me to bring a document from the real estate office stating the value of the land, then they pay me the check and add 7% interest for the deferral over a period of five years. If the price of the land is one hundred thousand riyals, it becomes (135) one hundred and thirty-five thousand riyals owed to that bank. Is this sale a type of salam sale; because they guaranteed their right in advance for a period of five years, since I am an employee, and they took papers and commitments from me whereby my salary is automatically transferred to that bank, so they take their installment each month and leave me the rest? And is this sale permissible in the Shari'ah or not?
A: It is not permissible to deal in the transaction mentioned; because its reality is a loan
with an increase stipulated at the time of repayment, and the form mentioned is merely a ruse, otherwise it is a riba transaction forbidden in the Book and the Sunnah and by the consensus of the Ummah, in addition to the fact that the bank sold this car or land before it owned it, and the Messenger (peace and blessings be upon him) says:
Do not sell what is not with you.
لا تبع ما ليس عندكAnd whoever fears Allah - He will make for him a way out (3) And will provide for him from where he does not expect.
وَمَنْ يَتَّقِ اللَّهَ يَجْعَلْ لَهُ مَخْرَجًا (2) وَيَرْزُقْهُ مِنْ حَيْثُ لاَ يَحْتَسِبُ
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.