Conventional and Islamic finance of home purchase : house financing in Canada

السؤال

Wa'alaikum Assalamu, Jazakallahu Khairan. Akhee, I have been researching Islamic Financing for over 10 years in Canada, and am very familiar with what is involved here. Nur Cooperative : has no capital, not currently offering anywhere in Canada UM Financial : currently no capital, not currently offering anywhere in Canada Salam financial : not established yet, not likely to be established in the near future al Bassam House : still not established, maybe within 1-2 years. Other organizations such as Ittihad Capital, LaRiba, etc., do not do residential financing. I have also called every single group in the USA that offers such services and none are able to operate in Canada. I'm sorry but I have been very diligent trying to find options. I have spoken to credit unions, banks, and every Islamic organization out there to try and develop an Islamic contract that enables me to buy. In fact, for years we have been lobbying with the credit unions to provide us a service. And I am not the only one, we are at least 30-40 families here in our city alone renting and waiting for an affordable Islamic option. If I am missing something, please do let me know. It would seem I just need to be patient until a group can raise more capital. Which is difficult when the economic situation is as this. As for the Ijarah Loans transaction, I don't know how much more detail I can provide. I am wondering : 1. Is it Islamically permissible for me to sign the regular mortgage with the intention that it will be converted to a Shari’ah compliant transaction before the first interest bearing payment ? (We were thinking about the Hadith with Bareerah, when a Ayesha (RA) signed a contract with an invalid condition (she would return Bareerah's children to the seller). 2. It appears to us that basically what happens is that Ijarah Loans takes over the mortgage, and then the contract between us and Ijarah Loans is Shari’ah Compliant (that contract is approved by Taqi Usmani). Is that then permissible ? We are under the impression that as long as our end of the contract is Islamic it is ok. Again, I am really sorry to bother you. Believe me I sincerely just want to do what is right. At the same time, I desire stability for my family. And believe I have researched every option feasible. Jazallahu Khairan, May Allah SWT bless you and your whole family for taking the time to help me !

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2009-05-06

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-734884

• APA
• MLA
• AMA