What is the ruling on taking a personal loan from Al Rajhi Bank in Jordan, if the bank buys oil and sells it to me for a profit, then I sell it back to them at the spot price to receive the money, knowing that I have not seen the oil, and the transaction was conducted on paper within an hour, and it was said that the buying and selling took place online through the stock exchange, and a deed of ownership for the oil was issued in my name, then I appointed them to sell it and received the money on the same day?

The transaction mentioned with the bank is Murabaha for the one who commands the purchase. If the purpose of purchasing the commodity is to sell it to a third party to obtain cash, this is called Tawarruq, which is permissible under its conditions. It is not permissible to sell the commodity back to its original seller for a spot price lower than the deferred price, as this is Bay' al-'Inah, which is forbidden because it is a loan with interest. The Prophet, peace and blessings be upon him, said: "If you engage in Bay' al-'Inah, and you hold onto the tails of cattle, and you are content with cultivation, and you abandon striving in the way of Allah, Allah will inflict upon you humiliation which He will not remove until you return to your religion." The transaction in which Al-Rajhi Bank sells oil to the client and then acts as an agent for him in selling the oil on the stock exchange is Tawarruq and not 'Inah, but it is impermissible.