What is the ruling on buying a car on installment, where it remains the property of the company until the installments are paid off?
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Question:
He says: I want to buy a car on installment, but the car should remain the property of the company until I finish paying the installments, and then it is transferred to my ownership. Is this sale valid?
Answer:
No, this is not a sale. This is not a sale. A sale must be immediate; it must be immediate, not conditional on whether you pay or not. If you pay, we sold it to you; if you do not pay, we did not sell it. This is not permissible. They even said that if one says, "I will sell it to you on the condition that you pay me the price in three days," the sale is not established. It is not permissible to make a sale conditional. However, the company can sell the car to you and pledge it. It pledges it for its value until you pay it off.
He says: I want to buy a car on installment, but the car should remain the property of the company until I finish paying the installments, and then it is transferred to my ownership. Is this sale valid?
Answer:
No, this is not a sale. This is not a sale. A sale must be immediate; it must be immediate, not conditional on whether you pay or not. If you pay, we sold it to you; if you do not pay, we did not sell it. This is not permissible. They even said that if one says, "I will sell it to you on the condition that you pay me the price in three days," the sale is not established. It is not permissible to make a sale conditional. However, the company can sell the car to you and pledge it. It pledges it for its value until you pay it off.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم شراء سيارة بالتقسيط، تبقى في ملك الشركة إلى انتهاء الأقساط؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.