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Buying The Property Auctioned By Banks. by Taamas111 (m): 6:23pm on January 12
Rufai Oladimeji
Lagos State University
English
100Level, Nigeria.
Question

Assalaamu Alaykum. I would like to know if it
is permissible to purchase the property
auctioned by the bank. Jazaakallaahu Khaira.

Fatwa:
All perfect praise be to Allah, The Lord of the
Worlds. I testify that there is none worthy of
worship except Allah, and that Muhammad
is His slave and Messenger.

If these properties are owned by the bank in
a lawful way, then it is permissible to
purchase them whether these banks are
Islamic banks or they deal with Riba (interest
and usury), because it is permissible to deal
in permissible transactions with a person
who deals with Riba. Auction sale is
permissible on the following conditions:
1- There should be no intention of
harming anyone.
2- The person increasing the price
should really have the intention of
buying, otherwise he is just
increasing the price for the person
who wants to buy, and this is
forbidden.

However, if these properties are owned by
the bank by an non-Islamic and
impermissible method, like owning it in
return for interests which the owner of the
property has to pay, and then there was a
court order for selling the property by force
in order to pay the interests, then in this
case it is not permissible to buy it as it takes
the ruling of buying something stolen and
the like.

Allah Knows best.

www.islamweb.net/en/article/151412/buying-the-property-auctioned-by-banks

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