What is the ruling on purchasing real estate where the developing company commits to renting it from the buyer for a specified percentage of the property's value, and then repurchasing it at a higher price after the lease term ends?

It is permissible to purchase a property with a condition or promise from the seller to rent it for a specific period, after which the property returns to the buyer. This is because the preponderant opinion is the permissibility of stipulating one contract within another if it does not lead to a forbidden Shar'i consequence, such as usury. This is based on the statement of Sheikh Ibn Uthaymeen: "The correct view is that if a contract is stipulated within a sale, then the stipulation is valid and the sale is valid, except in two cases: if a loan from which benefit is derived is stipulated, or if it is a ruse for usury."

However, the company's commitment to repurchase the property after the lease is forbidden by Sharia, as it leads to circumvention of usury. This is similar to the case of reverse Murabaha, which the Islamic Fiqh Academy considered analogous to the forbidden Shar'i issue of 'Aynah, because the commodity itself is not intended.

Furthermore, stipulating this in the contract is forbidden from two perspectives: 1. It is a stipulation of one contract within another, which becomes a ruse for usury, and this is forbidden. 2. The second sale would be contingent upon the condition of the first sale and the lease, which is impermissible because it is a Gharar (uncertainty) sale without necessity.