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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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