House-purchase loans in Pakistan

Fatawa Question

Currently I am looking for a house to buy. Since it is virtually impossible to have the full price of the house in cash, and mortgages involve interest, what would you recommend I do in order to properly pursue this objective ? i am not even sure if this type of interest (mortgage) is acceptable in Islam or not, although my inclination is that it's not. I have also inquired about Islamic banks, but it is hard to find reliable information about them so far. Thank you much, Assalamu Alaikum, Omar

Fatwa

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Publication Date

2002-03-07

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Islamic economics
• Financing
• Purchasing
• Pakistan
• Real property
• Bank loans
• Usury
• Subprime mortgage
• Islamic Banks

Data Type

Fatawa

Language

English

Record ID

BIM-724608

• APA
• MLA
• AMA