Is it permissible to take a loan from Al Rajhi Bank in Jordan through a transaction of buying and then selling olive oil, knowing that the intention is to obtain money and not the oil?

If the bank purchases oil and takes possession of it before selling it, the contract is permissible. This is called tawarruq, and it is permissible as long as it is not organized tawarruq. It is a legitimate alternative to riba (usury) and falls under the permissible legal stratagems (hiyal shar'iyyah) that achieve the intent of the Lawgiver while avoiding prohibitions. An example of this is selling poor-quality dates for cash, then buying good-quality dates with that cash. Thus, if the purpose of the stratagem is something good, then it is good.