What is the ruling on depositing a sum of money in Abu Dhabi Islamic Bank as a five-year fixed deposit with monthly profits, and purchasing a car from the bank with the deposit as collateral, provided that the car installments are paid from the deposit's profits?
If the bank operates according to the provisions of , it is permissible to deal with it in a Murabaha contract for purchasing a car in installments with a deposit as collateral, provided that the deposit is in an investment account and not a current account. The profits from the deposit would be due to you, and it is permissible to pay the installments from them. It is also permissible to mortgage deposits (both investment and current) on condition that the account holder is prevented from disposing of them for the duration of the mortgage. If the bank is the mortgagee, the funds must be transferred to an investment account.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 177564
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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