Buying items by instalments from Sab Amanah
Question

                What is your opinion on the system of buying by instalments from Sab Amanah, which is as follows according to my understanding: 

If you want to buy an item from stores that specialise in electronics, you pay 10% of the value to the seller, which is the store that specialises in electronics and not the bank, and for the balance, the bank takes instalments from you and deducts them from your salary, and charges interest or some profit margin during that period, whether it is a little or a lot?.
Praise be to Allah.
    It is not permissible to buy goods through the system 
    mentioned, because the bank stipulates a penalty in the event of late 
    payment. That is stated clearly in the adverts for this system on the bank's 
    website on the Internet, which says:

    To avoid a penalty for late payment, it is essential to pay 
    on the due date. 

    Stipulating a penalty for late payment is blatant riba, 
    whether the bank takes a penalty for itself or distributes it to the poor. A 
    statement to that effect was issued by the Islamic Fiqh Council, no. 
    133(7/14), during its fourteenth session in Doha, in which it says: “If the 
    purchaser/borrower is late in paying instalments and misses the due date, it 
    is not permissible to oblige him to pay anything additional to the debt by 
    means of a prior condition or otherwise, because that is haraam riba. End 
    quote from Fiqh al-Mu’aamalaat al-Hadeethah by Dr. ‘Abd al-Wahhaab 
    Abu Sulaymaan, p. 571 

    This is in addition to what the transaction involves of other 
    problems. If the bank is going to buy the item from the seller, then it is 
    not permissible for it sell it until it has moved it from the store where it 
    was bought to another place that belongs to the bank. 

    If the bank is not going to buy it from the store, which is 
    what appears to be the case based on what is said in the question, as the 
    purchaser is going to pay part of the price to the original seller, and all 
    that the bank is going to do in this case is pay the rest of the price to 
    the seller in the form of a loan to the purchaser, and charge interest or 
    riba, as mentioned in the question, then this riba is the basis of the 
    transaction, regardless of whether interest is charged for the delay in 
    payment mentioned or not. 

    To sum up: it is not permissible to buy goods through this 
    system, because of what we have mentioned of the stipulation that a penalty 
    be paid in the event of late payment, which is a riba-based condition which 
    it is not permissible to accept, even if the purchaser is determined to pay 
    on time; and because of other matters that are contrary to sharee’ah that we 
    have mentioned. 

    And Allaah knows best.