What is the ruling on buying a taxi by installments through a bank, where the bank buys and owns the car, then sells it to me at a higher price on an installment basis?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
There is no objection to the bank first purchasing the car for itself, and then selling it to you in installments for a price higher than what it paid for it, as installment sales include a share of the price. There is also no objection to the bank stipulating certain guarantees to enter into the transaction, such as obtaining a third-party guarantee, or mortgaging the customer's deposit, or mortgaging any movable or immovable property, or mortgaging the commodity subject of the contract.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/168885
- Source platform
- Ftawy
- Original fatwa ID
- 168885
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy