Ruling on purchasing an apartment from a bank on installment
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Question: From 'Abd al-'Aziz ibn 'Abd Allah ibn Baz, to the honorable brother, the head of the (Islamic Education Center) in Saint-Denis, Paris, may Allah preserve him.
Peace be upon you, and Allah’s mercy and blessings, and after that:
I refer to your inquiry, registered with the Department of Scientific Research and Ifta under number: 1063, dated 16/3/1407 AH, in which you ask about: the ruling on purchasing an apartment from a bank on installment?
Answer: I inform you that purchasing an apartment from a bank on installment is permissible, provided that the contract with the bank to purchase the apartment is not concluded until after the bank has purchased it from its original owner. Once the bank has purchased it and it has become its property, it is permissible to purchase it from the bank for cash or on credit. May Allah guide everyone to what He is pleased with.
And peace be upon you and the mercy of Allah and His blessings.
The General President of the Departments of Research
Scientific, Ifta, Da'wah, and Guidance
Peace be upon you, and Allah’s mercy and blessings, and after that:
I refer to your inquiry, registered with the Department of Scientific Research and Ifta under number: 1063, dated 16/3/1407 AH, in which you ask about: the ruling on purchasing an apartment from a bank on installment?
Answer: I inform you that purchasing an apartment from a bank on installment is permissible, provided that the contract with the bank to purchase the apartment is not concluded until after the bank has purchased it from its original owner. Once the bank has purchased it and it has become its property, it is permissible to purchase it from the bank for cash or on credit. May Allah guide everyone to what He is pleased with.
And peace be upon you and the mercy of Allah and His blessings.
The General President of the Departments of Research
Scientific, Ifta, Da'wah, and Guidance
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.