What is the ruling on purchasing a car with financing from Dubai Islamic Bank, which takes profits and does not impose late payment penalties on installments, and if it is impermissible, is the car considered haram?

Islamic banks sell for a deferred price with an increase over the cash price, and this is a sale, not usury (riba). This differs from the conventional banks' practice of imposing a specific increase on the borrowed amount, which is interest. The amount in an Islamic bank contract is not subject to increase because it is a sale contract with a known price, unlike an interest-bearing loan whose interest increases with delayed payment. If the necessary conditions for the validity of a deferred sale with an increase are met, then the sale is valid.