Is it permissible to buy a car from a bank in installments with an increase in price, such that the bank first buys it, and then the buyer pays the bank in installments?

If the bank buys the car and owns it, then sells it to the client for a profit, with the price paid in installments, this is a Sharia-compliant sale and purchase transaction. The bank's retention of the car as a pledge until its price is paid off does not affect this. However, entering into the contract is prohibited if it includes a Sharia-forbidden element, such as a late payment penalty.