Is the Saudi Arabian Bank loan called " الخير " (Goodness) in the form of Tawarruq or Murabaha, and approved by the Sharia Supervisory Board, permissible or forbidden? And how can one verify this? Is it advisable to take it if it is deemed permissible by Sharia? Is there a 100% permissible Islamic alternative?

First: Financing charitable activities through "Tawarruq" at the Saudi American Bank is based on organized Tawarruq, which is prohibited, because the bank sells the commodity to the customer and undertakes its sale on his behalf. Whereas the permissible form is for the customer to purchase the commodity himself and sell it to another party.

Second: Financing charitable activities through "Murabaha" requires the bank to genuinely own and possess the commodity before selling it, and there should be no penalty for late payment of installments.