Is the banking transaction permissible by Sharia in which the bank directly purchases shares in the client's name and places them in the client's portfolio, while taking a pledge from the client not to dispose of them until the Murabaha contract is completed and the restriction is lifted, and then the bank sells them to the client, knowing that the bank takes a power of attorney to dispose of the shares if the client defaults? And does the bank, by doing so, truly own and possess the shares, or is it a deception? And is it permissible for the bank to purchase shares in its own name and portfolio and then authorize the client to sell them?
If the shares are permissible and the bank owns them and they entered into its possession and guarantee before selling them to you, then there is no harm in the transaction, and the perfunctory procedures do not affect it. The consideration in contracts is their meanings. It is permissible to appoint the client as an agent for purchasing when there is an urgent need, provided that the institution directly pays the price to the seller and obtains documents to confirm the sale.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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