Question Summary:
Taking a loan at Al Inma Islamic bank in Saudi Arabia

Question Detail:

I want to take a personal loan in al inma islamic bank in Saudi the process is we should request for loan and they will shares and we wll receive shares in our portfolio. These shares they will purchase for 50k and sell to us for 60k And we should pay this on deferred payment within 3 years without any penalty clause.step 2 we should sell the shares which is in our account in tadawul stock market and we can take the cash.alinma bank will help us in selling the shares. Is this haraam or halal and also does it comes under organized tawarruq which is prohibited by islamic fiqh academy in 2009.also I can attach the contract if needed but please send me the email ID of yours to attach the same

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
We are having difficulty in understanding the loan and purchase process. You state that Al- Inmaa will offer you a loan in shares. Then you state Al-Inmaa will purchase the shares for 50k and sell to you for 60k. Will Al-Inmaa purchase the shares from you? If not from whom? We also do not understand selling the shares to Tadawal stock market and Al-Inmaa helping to sell the shares. Explain the proper sequence of events in detail.
And Allah Ta’āla Knows Best
Jibran Kadarkhan
Student Darul Iftaa
Mauritius 
Checked and Approved by,
Mufti Ebrahim Desai.