What is the ruling on buying a car on installment from a bank that does not own it, when there is an increase in the installment?
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Question:
What is the ruling on buying a car on installment from a bank when the bank does not own the car until the person comes to demand it, and there is also an increase in the installment? Is this transaction permissible?
Answer:
As for the increase in the price due to the deferral, there is no harm in it. As for selling something that is not in his ownership, this is not permissible. It is not permissible for the bank or anyone else to sell something that is not with them and not in their ownership. The Prophet (peace and blessings be upon him) said:Sunan Ibn Majah 2187Hasan (Darussalam) It is obligatory for the bank and others to have the cars available. They must own the cars when a customer comes to buy from them, whether for cash or on credit.
What is the ruling on buying a car on installment from a bank when the bank does not own the car until the person comes to demand it, and there is also an increase in the installment? Is this transaction permissible?
Answer:
As for the increase in the price due to the deferral, there is no harm in it. As for selling something that is not in his ownership, this is not permissible. It is not permissible for the bank or anyone else to sell something that is not with them and not in their ownership. The Prophet (peace and blessings be upon him) said:
Do not sell what is not with you.
لاَ تَبِعْ مَا لَيْسَ عِنْدَكَ.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم شراء سيارة بالتقسيط من البنك وهو لا يملكها وهناك زيادة في القسط؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.