Conventional and Islamic finance of home purchase : house financing

السؤال

[Question One] : Assalamu Alaykum, I have a question regarding Islamic finance of housing as discussed by Mufti Taqi Usmani in his book "Islamic Finance". I have read the chapter in quite detail, in regards to co-ownership model for financing a house. I have also discussed this plan with Meezan bank in Pakistan that uses this very same model. Since I am in the US, I need a company who will use this mode of finance for me here in the US. Guidance Financial is a company ; I am not sure if you are familiar with them, also states they use the same model and have official approval by Mufti Taqi Usmani regarding their model being compliant with Shari’ah. However, after studying their model, I do not believe they are using the model as it is supposed to be. I wanted to know if you have studied the model of Guidance Financial and your opinion regarding it. My concern is they are selling you back a share of the house but not at a fixed price, rather than the price increases every month. I understood that the price of the property that you are buying back should be fixed. We can discuss further after your response. I hope I am able to make clear what I am asking. [Question Two] : I appreciate your prompt reply. My specific question is, is it permissible to sell the share of property at different values (increasing value) each month or does it have to be a fixed amount ? I understand if you are not able to give a "Fatwa". Any help will be appreciated. Jazaka Allahu Khairan, Farhan

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2008-09-22

التخصصات الرئيسية

العلوم المالية و المحاسبية
الدراسات الإسلامية

الموضوعات

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

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-734856

• APA
• MLA
• AMA