Is it permissible to purchase a house through an Islamic bank and be convinced by the fatwa of those who permit its transactions, despite objections to the bank's violation of the hadith "Do not sell what you do not possess" by the client signing purchase promissory notes before the bank acquires ownership of the house, and the bank's invoking of the hadith "No harm is inflicted nor reciprocated" to justify that?

The answer comprises four points:

First: The ruling on Murabahah sale. It is Islamically permissible by scholarly consensus, based on the verse: "And Allah has permitted trade." The fundamental principle in financial transactions is permissibility. The Second Conference of the Islamic Bank in 1403 AH permitted the promise of a Murabahah sale to a purchaser after the bank acquires and possesses the commodity, on condition that the bank bears the responsibility for loss before delivery and the consequence of rejection due to hidden defects.

Second: The issue of promising and signing promissory notes before purchase. This is permissible as long as it is not the contract itself. This promise does not obligate the prospective buyer according to the majority of scholars, whereas the Malikis hold that it is binding if the promised party enters into an obligation as a result. However, if signing the promissory notes is the purchase contract itself, it is void because the bank would be selling what it does not own.

Third: Emulating a scholar who permits something, provided they are trustworthy in their knowledge and piety, is permissible. In fact, it is obligatory for the layperson to ask someone they trust in their religion and knowledge and to follow their fatwa. It is not forbidden for them to emulate such a scholar, even if other scholars disagree, provided that they do not seek out concessions (takhassus al-rukhs).

Fourth: The issue of an Islamic alternative to contemporary transactions. Finding an Islamic alternative is important, but it is not necessary for every contemporary transaction to have an Islamic alternative of the same type. In this case, a Muslim must listen, obey, and submit.