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?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
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.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/168885
Where this answer came from
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- 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.
- Read the full ruling
- Read the full answer on Ftawy