Permissible method of purchasing a car from the bank
Q: If one buys a car using the following method will it be permissible:
ABC person tells the bank to purchase the car from a dealer. A purchase & sale agreement is done between the dealer and the bank. Just say the bank buys the car for 100000 and then a purchase and sale agreement is made between the bank & I, that I purchase the car from the bank for 120000 fixed regardless of changes to the haraam interest rate. Theres 2 separate transactions. Will this type of deal be permissible?
A: If the bank purchases the car from the dealer and they take possession of it, and thereafter they sell it to the purchaser with a fixed profit and no other impermissible clauses are attached to the contract (e.g. in the event of late payment, interest will be charged etc.) then it will be permissible.
And Allah Ta'ala (الله تعالى) knows best.
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