What is the ruling on buying a car in installments from Islamic banks with the intention of selling it to obtain cash?

This type of sale is called "Tawarruq" (monetization sale), and its purpose is to obtain cash, not to benefit from the commodity. Scholars have differed regarding its permissibility, and the preponderant opinion is that it is permissible due to the absence of a text prohibiting it. It is also incorrect to compare it to the "Inah" (buy-back) transaction. It is stated in "Al-Rawdh al-Murbi" and "Al-Insaf" that the issue of Tawarruq is permissible, and this is the madhhab (school of thought), and the companions (of the madhhab) are upon it.