A:
It is not lawful to carry out the dealing mentioned above, because it is - in fact -
a loan (Part No. 11; Page No. 116) with conditioned interest to be paid when paying off the loan. The scenario mentioned is no more than a trick. So, it is a usurious dealing that is prohibited according to Allah's Book, the Sunnah, and Ijma` (consensus of scholars). In addition, the bank thus sells the said car or plot of land before it possesses them, while Allah's Messenger (peace be upon him) said:
Do not sell what you do not possess.
Accordingly, you have to give up this deal out of obedience to Allah and His Messenger (peace be upon him). [Allah says:]
And whosoever fears Allâh and keeps his duty to Him, He will make a way for him to get out (from every difficulty).
And He will provide him from (sources) he never could imagine.
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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