Conventional and Islamic finance of home purchase : house purchase mortgage

السؤال

Assalamu Alaykum Dr. Monzer : Alhamdulillah I have found your webpage today and was eagerly going through your fatwa mortgage 2007. PDF file. I truly admire your devotion to Islamic finance and your efforts. May Allah grant you Tawfiq to do more for the Ummah ? I will appreciate if you clarify my following concerns. 1. I became confused about the extent of "Halal" about bank mortgage. You said "If you need a house and do not find Islamic finance at competitive rate you can go for conventional finance according to the Fatwa of the Second International Conference on Fiqh that was held in Detroit in the fall of 1999". In Canada, we have ISNA housing loan and based on my experience with them for my home buying, the "rent / occupancy charge" was ~ 8.3 % of the amount I borrowed. Whereas with bank, probably I could have got it for ~ 4.5 %. Also, the bank offers open, variable interest rate mortgage. Based on the above scenario, will it be permissible (Halal) for me to go to a bank ? 2. Regarding Zakah, Wassalam, Nazmul

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2008-09-17

التخصصات الرئيسية

العلوم المالية و المحاسبية
الدراسات الإسلامية

الموضوعات

• الفقه الإسلامي
• الإسكان
• التمويل
• الشراء
• الممتلكات العقارية
• شركات التمويل التجاري
• الرهن العقاري

عدد الصفحات

1

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-734853

• APA
• MLA
• AMA