What is the ruling on the bargaining card issued by some Islamic banks, which allows the customer to pay for goods in installments at their cash price without additional profits or commissions, while the bank obtains a discount from the contracted stores, which benefits the bank alone?

The Jordan Islamic Bank has not detailed the nature of the "Musawamah Card" and its profit, but two possibilities are likely:

1. If the bank collects a commission from the merchant for installment sales to customers at the same cash price, and pays the merchant the installments when they become due from the customers, then this is permissible.

2. However, if the bank pays the merchant the price immediately for less than its value, then this is prohibited; because it falls under selling debt for less than its value, which is usury (riba). Therefore, selling a deferred cash debt for immediate cash is not permissible, as it constitutes usury.