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The question

What is the ruling on buying a taxi by installments through a bank, where the bank buys and owns the car, then sells it to me at a higher price on an installment basis?

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Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

There is no objection to the bank first purchasing the car for itself, and then selling it to you in installments for a price higher than what it paid for it, as installment sales include a share of the price. There is also no objection to the bank stipulating certain guarantees to enter into the transaction, such as obtaining a third-party guarantee, or mortgaging the customer's deposit, or mortgaging any movable or immovable property, or mortgaging the commodity subject of the contract.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

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Source platform
Ftawy
Original fatwa ID
168885
Added here
. This is when the answer was added to El Fatwa, not the fatwa's date.
Text
Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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Read the full answer on Ftawy