Is the transaction carried out by the National Bank of Abu Dhabi in Egypt, involving the sale of palladium metal and its installment payment with an annual increase of 11%, along with the buyer authorizing the bank to sell the metal, which the buyer cannot dispose of except on the London Stock Exchange, Islamically permissible?

The transaction mentioned is organized tawarruq, which is impermissible according to the resolution of the Islamic Fiqh Academy. In this, the bank arranges to sell a commodity to the mustawriq (the one seeking cash) for a deferred price, and then the bank sells it on behalf of the mustawriq for an immediate cash price. It is permissible to conduct a valid tawarruq by having the bank purchase a commodity and deliver it to the customer, who then sells it in the market to benefit from its price.