What is the ruling on purchasing a car in installments through a bank, with the bank stipulating that it be prohibited from sale until the completion of payment?
The bank's condition to mortgage the car for its price until it is paid off is a valid and permissible condition. This is the preponderant view among jurists, the doctrine of Abu Hanifa and Malik, one of the two opinions of Al-Shafi'i, and the sound view within the Maliki school. It was also chosen by Ibn Taymiyyah, Ibn Al-Qayyim, and the Islamic Fiqh Academy. The resolution of the Islamic Fiqh Academy states: "It is permissible for the seller to stipulate to the buyer that the sold item be mortgaged with him to guarantee his right to collect the deferred installments." This condition does not affect the validity of the transaction.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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