What is the ruling on a loan taken from a bank based on the representative's assurance that it complies with Islamic Sharia as a sale of an unknown commodity, knowing that there is an urgent need for it and with an interest rate of 2.24%?

The described transaction is organized tawarruq, which is practiced by some banks. It is a pretense to riba (usury) and is forbidden by a resolution of the Islamic Fiqh Academy. In this transaction, the bank sells a commodity at a deferred price to the mustawriq (the one seeking cash), then sells it on his behalf at a spot price and hands over the price to the mustawriq. The questioner should have verified the permissibility of the transaction before engaging in it. We hope that he is excused due to his ignorance and his imitation of those who issued a fatwa permitting it.