Back to search
The question

Is the transaction that took place with the bank to purchase a phone in installments, whereby the bank bought the phone and then sold it to me with added fees and profits, Haram (religiously forbidden) according to Sharia?

Share this answer

Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

If the bank first purchases the phone and then sells it to the customer at the agreed-upon price, then the transaction is valid and falls under the category of Murabaha to the one who commands the purchase. As for what was deducted, there is no objection to it as long as the customer is content with it, and it is considered part of the phone's price.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

Read the full answer on Ftawy
Where this answer came from
Source platform
Ftawy
Original fatwa ID
158112
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