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The question

Is real estate financing through Aljazira Bank by selling metals permissible, knowing that the bank buys iron for several individuals and then gives them a power of attorney to sell it?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

The permissible Tawarruq is buying iron from the bank and selling it in the market to obtain money. However, if you authorize the bank to sell it, then it is the organized banking Tawarruq, which is forbidden, according to the decision of the Islamic Fiqh Academy. The permissible alternative is to buy real goods owned and possessed by the bank, then the bank sells them to you, and you undertake to sell them in the market.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
17835
Imported
Translation status
Source text, unreviewed
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