Is it permissible for a person to deal with a bank as its agent in purchasing goods, but the goods are destroyed before he receives them from the bank, and the bank is not liable?

The questioner : The issue of purchasing goods without the bank seeing the goods, where it neither receives nor delivers them in reality, and if the goods are destroyed, for example, at sea, the bank is not responsible for the damage. Is this permissible in the Shari'ah?

The Shaykh: No.

The questioner : This is the bank's condition: it imports the goods in your name from London, for example, and on the pretext that when the goods arrive, it will sell them to you. If the goods are destroyed and the ship sinks, you are responsible for the goods, meaning the bank does not bear the loss of the goods if they are damaged.

Another questioner : Regarding the Islamic bank, when I mentioned this matter to an employee, he said, "We participate in a way such that if the goods are damaged on the ship or at customs, or if the car is wrecked from Amman to Aqaba, we are responsible. You can enter your shop safely." So I have lost several times at my own expense. Who will pay me for this?

Another questioner : I have heard something different.

The questioner : Not the same employee.

The Shaykh : In any case, the reality may be one way or another, but if it is in the form you are describing, it is certainly not permissible. However, if we set aside the issue of installment sales for a profit, it is permissible, contrary to the rule: "Do not sell what you do not have." It is permissible if the specifications are defined. For example, you enter a company and choose a type of car, and they tell you, "This one is not for sale; it is for display, but we will bring you one with the same specifications as this car, at such a price, for delivery." As long as the specifications are defined such that no dispute can arise when the item is delivered, this is an exception to This is similar to a forward sale (salam), or a loan, which means the same thing. As for the form you asked about, it is certainly not permissible.

The questioner : May Allah reward you with good.

The questioner : Shaykh, in the beginning of his question, my brother, I understood that if the bank wants to import goods for you from abroad, it imports them in your name, but it does not see the goods. It says, "You buy the goods, and I will pay the price," but of course, not at the price this man buys them for; he sells them to you at another price. But the bank does not see them or anything else, except that it presents the invoice and says, "This is the invoice..." and adds the bank's profit, even without naming the goods.

The Shaykh : Well, did this not clarify the answer?
Abu Layla : I think he lost the point of his question, Shaykh.

The Shaykh : No, I don't think so.

The questioner : I understood that it is not permissible.