What is the ruling on purchasing a car through Faisal Islamic Bank, with a deposit held by the bank as collateral, while paying a down payment and the remainder in monthly installments to the bank?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
If the bank first purchases the car for itself, taking ownership and responsibility for it, and then sells it to the customer for a known price, even if higher, there is no objection to this transaction. This also applies if the bank stipulates the mortgaging of the car or other assets to secure its right. If "guaranteeing the deposit" means the bank takes a deposit from the buyer as a pledge until the debt is repaid, there is no objection to that either.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/134860
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 134860
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy