What are the conditions for the validity of installment purchases through a bank?
Machine translationRead the Arabic original
Question:
May Allah reward you, Honorable Shaykh. This questioner says: Is it permissible for me to go to the bank to have it buy me a car, for example, or a house, and then I pay the bank back in installments?
Answer:
If the bank owns the car or the house before the contract, there is nothing wrong with it; it sold you something it owns. But if it does not own the item before the contract, this is not permissible. The Messenger (peace and blessings be upon him) said: Do not sell what is not with you.
May Allah reward you, Honorable Shaykh. This questioner says: Is it permissible for me to go to the bank to have it buy me a car, for example, or a house, and then I pay the bank back in installments?
Answer:
If the bank owns the car or the house before the contract, there is nothing wrong with it; it sold you something it owns. But if it does not own the item before the contract, this is not permissible. The Messenger (peace and blessings be upon him) said: Do not sell what is not with you.
Source
قناة «العلامة الدكتور صالح الفوزان»، [3436/1472] ما شروط صحة الشراء بالتقسيط عن طريق البنك؟ - الشيخ صالح الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.