Is it permissible to sell land to a bank for one million Riyals, then the seller leases it back from the bank for a period of 15 years with monthly payments, after which ownership reverts to the seller, provided that ownership reverts to the bank in case of default on payments?

If the ownership transfer of the land after the lease term is stipulated in the sale contract or agreed upon between the seller and the bank, then this transaction is impermissible. This is because it is a ruse to engage in usury (riba), as the bank does not want the land, and the seller does not want to sell it but rather desires money with interest. The Messenger of Allah, peace and blessings be upon him, said: "Do not commit what the Jews committed, thereby making Allah's prohibitions permissible through the slightest of stratagems." However, if the land sale contract is concluded first without any stipulation or agreement, and then the seller decides to lease the land through an "ijara muntahia bi al-tamleek" (lease ending in ownership) with its lawful conditions, there is no harm.