Is the aforementioned transaction permissible in Sharia?

The transaction mentioned resembles the forbidden Bay' al-Wafa' (sale with a right of redemption) according to the majority of scholars, but it differs in that the repurchase is at a higher price than the purchase price. This is similar to the contemporary repurchase agreement (repo). Some contemporary scholars have clarified that this agreement is forbidden, and that it is, in reality, a loan with stipulated interest. Dr. Yusuf Al-Shubaili mentioned that the repurchase agreement is the sale of liquidable assets at a specific price with a commitment to buy them back at a higher price at a later date, and that it is, in reality, a loan with interest, and that the sale and purchase involved are not genuine. Therefore, this transaction is impermissible.