What is the ruling on purchasing goods on installment from a bank?
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Question:
Your Eminence, may Allah preserve you, is it permissible for me to purchase furniture on installment from Al-Rajhi Bank? Because some people say that purchasing on installment is forbidden because it involves riba. Please advise us?
Answer:
There is no harm in purchasing on installment, whether it is a car, furniture, clothing, a house, or land; there is no harm if the seller owns it, if it is in the seller's possession, owned by him, in his house, in his property, in his yard, if he has acquired it, possesses it, and sells it on installment; there is no harm.
Your Eminence, may Allah preserve you, is it permissible for me to purchase furniture on installment from Al-Rajhi Bank? Because some people say that purchasing on installment is forbidden because it involves riba. Please advise us?
Answer:
There is no harm in purchasing on installment, whether it is a car, furniture, clothing, a house, or land; there is no harm if the seller owns it, if it is in the seller's possession, owned by him, in his house, in his property, in his yard, if he has acquired it, possesses it, and sells it on installment; there is no harm.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.