What is the ruling on dealing with the Saudi Hollandi Bank, which conducts its transactions through rice or iron, for the purpose of purchasing a car essential for work and avoiding monthly deductions, after being unable to purchase from Islamic banks?

The prevailing understanding is that the tawattuq (securitization) practiced by these banks is an organized tawattuq, and many scholars have issued fatwas deeming it unlawful. A resolution from the Islamic Fiqh Academy has also been issued to that effect. Therefore, it is impermissible to deal with them.