The ruling on purchasing a house through a bank on an installment basis
Machine translationRead the Arabic original
Question:
This questioner asks about the ruling on purchasing a house through a bank, meaning that the bank buys this house and then sells it to him on installments?
Answer:
If the bank owns the house completely and takes possession of it, then it is permissible for it to sell it to someone else. However, if the bank did not buy it and did not take possession of it, but rather bought it only for the person in need, meaning on behalf of the person in need, and he pays its price via a loan with an increase, this is not permissible; this is riba (usury or interest).
This questioner asks about the ruling on purchasing a house through a bank, meaning that the bank buys this house and then sells it to him on installments?
Answer:
If the bank owns the house completely and takes possession of it, then it is permissible for it to sell it to someone else. However, if the bank did not buy it and did not take possession of it, but rather bought it only for the person in need, meaning on behalf of the person in need, and he pays its price via a loan with an increase, this is not permissible; this is riba (usury or interest).
Source
لقاء مفتوح في الحرس الوطني — alfawzan.live (35:30)
The Arabic text is a machine transcription of the audio recording.