Thu 24 Jm2 1435 - 24 April 2014
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The company takes the down payment then buys the property then sells it to the purchaser

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A company buys real estate for people with limited incomes. The customer goes to the company and tells them about the property he wants to buy and what its price is, then a committee is formed to give a price to the property, then the property is bought by the company after taking 10% of its value as a down payment from the customer, and the property is registered in the name of the purchaser when he pays off the debt, if he pays it off within two years, or it remains in the name of the company if it is paid off in more than two years. What is the ruling on that?.

Praise be to Allaah.

There is nothing wrong with the company buying the property wanted, if the purchase is completed and it takes possession of it when it is vacated, then it becomes permissible for it to sell it to the one who wants it or to someone else, but it is not permissible for the sale to be completed before that, or to take a down payment. Rather the sale should come after the company has bought it, and after the sold item has been acquired by being vacated [by the previous occupants] if it is real estate, or by moving it if it is something else. End quote. 

Majmoo’ Fataawa Ibn Baaz (19/8)
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