Question
Islamic banks do not give loans rather they deal in commodities. Suppose banks do not finance for cars that are more than 7years old. Now,
Islamic banks do not give loans rather they deal in commodities. Suppose banks
do not finance for cars that are more than 7years old. Now, if ABC person wants
to buy a 20 years old used car and consults an Islamic bank, and the bank
eventually agrees to enter into a contract with him. Then, you are required to
explain that what sort of contract took place between the bank and ABC person
with the help of which ABC person was able to purchase his dream car. You
need to provide reason for your answer. (p.s. while searching for contract do
consider the form of riba as well).
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