Is it permissible to obtain personal financing through the Tawarruq (Islamic Murabaha) system from a bank that profits 10,000 Saudi Riyals on 100,000 Saudi Riyals, payable over three years, knowing that I have not inspected the commodity, nor supervised the sale process, nor am I assured that the commodity has been genuinely sold, and there is a penalty clause for increasing the percentage in case of late payment, and is it permissible to use credit cards that impose interest when payment is delayed beyond the due period?

It is impermissible to enter into the aforementioned transaction for two reasons:

Firstly: It is an organized tawarruq (monetization), and the Islamic Fiqh Academy, in its seventeenth session, clarified that such tawarruq is impermissible because it resembles the forbidden 'inah (buy-back agreement) in Islamic law. It also leads to a failure in the legitimate قبض (seizure/possession) and is based on cash financing with an increment.

Secondly: The contract includes a condition for increasing the interest rate upon delay in paying installments. This is a usurious and forbidden condition that is impermissible to enter into, and the condition of a credit card is similar.