What is the ruling on a mortgage conducted by a real estate financing company, whereby it purchases an apartment in its name and the amount is paid in installments over 20 years, with the ownership transferred to the buyer after the installments are paid, and the total amount paid exceeds the original price?

Dealing with the company through purchase and installment is permissible if it adheres to the following Sharia-compliant conditions:

1. The company must have first bought the apartment and owned it before selling it to you at a specified price. 2. There should be no penalty or usurious interest incurred due to late payment of installments. 3. The transaction should not be a lease-to-own agreement in its impermissible form according to Sharia. 4. The ownership of the apartment must transfer to the buyer immediately upon the conclusion of the sales contract. It is not permissible for the company to retain ownership.

Accordingly, the mortgage in which the company retains ownership of the apartment until all installments are paid in full is impermissible, as it contradicts the transfer of ownership to the buyer upon the contract. However, it is permissible for the seller to stipulate the mortgaging of the sold item to guarantee their right to collect the installments.