The Permissibility of Installment Sales

Question:
In these days, the practice of buying cars in a certain way has become widespread. The buyer goes to the car dealers, takes a car from them, and pays the price in monthly installments of a specific amount, with an increase in the price. This payment may continue for one year, two years, or more. What is your guidance? Is this permissible?
May Allah reward you with good.

Answer:
There is no harm in this. This is installment sales. If he buys the car, the house, the land, or anything else at an installment price, where each term is specified, with known terms, whether monthly or yearly, there is no harm in that, provided the item being sold is present with the seller, in his ownership and possession. He must not sell it and then go buy it; no, it must be... all of it must be in his possession, having taken delivery of it. So, if he sells it on installments or for immediate cash payment, there is no problem. It is all fine.

The presenter: May Allah reward you with good.