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The question

Is it permissible to buy a car in installments from a usurious bank if the deposit in the same bank covers the price of the car and cancels the installment interest?

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Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

It is not permissible to deposit money in a usurious bank except out of necessity. The usurious deposit must be withdrawn, and the interest accrued on it must be spent on charitable causes, not for personal benefit. This money can be used to purchase a car in cash after withdrawing it, or it can be deposited in an Islamic bank and the car can be purchased through Sharia-compliant Murabaha.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
87237
Imported
Translation status
Source text, unreviewed
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