Answer
(Fatwa: 1365/1050=H/1429)
If the bank purchases the car and takes it in its possession and then sells it on fixed profit, then the buying and selling both are Islmically lawful. Also, it is permissible to receive the fixed amount from a buyer in instalments. However, the dealing is lawful and valid. If such transaction is rendered in banks or other transactions are also made in compliance with Islamic rulings and they do not transgress the Shariah boundaries, then it is allowed to work in such banks and the income also shall be halal. However, if you have any doubt, write it to us.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband