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The question

Is it permissible to purchase land from the Urban Communities Authority in installments, with an interest rate determined by the Central Bank, for the purpose of paying these installments directly to the treasury of the Authority's affiliated agency, knowing that this aims to grow the volume of business, create job opportunities, and facilitate matters for clients?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

It is permissible to purchase land in installments from the New Urban Communities Authority if the terms do not include usurious conditions, such as late payment penalties, even if the deferred price is higher than the immediate price. This is conditional upon the price being known at the time of the contract and not subject to increase upon delayed payment. However, it is not permissible to purchase in installments through usurious banks or other entities if they do not actually buy the land but rather lend its price to the buyer.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
94090
Imported
Translation status
Source text, unreviewed
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