ANSWER:

This is not permissible as you did not see or possess the product and you aturhotized the bank to sell it for you and you don’t know whether they actually had a product to sell and then resold it on your behalf or this was just a game to lend you money with interest. 

QUESTION: An Islamic bank in Kuwait offers a service where they sell me a product and I pay it in instalments. I own it but I don’t have possession of it. Then they sell it to another client on my behalf and whatever I sell for I receive the money into my account. Is this permissible or is it still riba?

Riba | August 29, 2023 2:21 pm
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QUESTION: I’m a finance lawyer in a law firm. Our clients are banks and borrowers. We prepare loan documents (interest bearing) and security/collateral docs. We are paid a fee from the borrower for this work. Is this job permissible, makruh or haram? I’m not employed by any bank and don’t consume the interest myself.
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QUESTION: If something is bought through riba, does that count as something you bought with haram money and have to give sadaqah in the worth of the product? Because my earnings are halal in shaa Allah but the way of purchase was not.