We have a way of buying by installments here which is by way of leasing ending into sale. For example, if I want to buy a car which costs 93024 Dirhams, I make an initial payment of 8075 Dirhams to the financing institution which is an interest based institution. I then pay 1724 Dirhams monthly installments for 5 years. The car remains wholly owned by this interest-based financing institution during this period while I remain a lessee for this car. If I do not pay installments for six months the institution will take the car. If sixty months of paying lapses, I pay a nominal amount of 749 Dirhams and only then can I own the car whereby I have every right to use it however I wish. Is this transaction correct? Please advise me and may you be rewarded God-willing.
ما صحة هذا البيع