What is the ruling on purchasing an apartment through a real estate financing system from a housing and development bank, where the bank buys the apartment for the purchaser from its owner via a tripartite contract, and the purchaser repays the amount to the bank in monthly installments?

This transaction can take two forms:

The first: Permissible, which is for the bank to purchase the property for itself first, and then sell it to you. This is known as a Murabaha sale to a party requesting a purchase, subject to specific conditions and regulations.

The second: Impermissible, which is for the bank to merely pay the price of the property on your behalf, and then collect the price from you in installments with an increase. This is in reality an interest-based loan, which is not permissible.