Studying and working in the other financial firms and the financial sector : working in lease and rent buy financing

Fatawa Question

Salaam. I work as a finance broker providing businesses finance for purchasing equipment, etc. by leasing and rent / buy arrangements only. I understand this to be Islamically acceptable. What is your opinion ? Also, an opportunity has been given to me to broker housing finance as well. I am aware of the various Fatawa (e. g., Qaradawi) that permit Muslims to have mortgages in non-Muslim countries to purchase their homes. My question is if it is permissible to obtain a mortgage to purchase a house, is it permissible to earn money from facilitating such an arrangement to Muslims as well as non-Muslims ? The money earned would be based on an initial 0.5 % fee plus a 0.001 % annual fee based on any outstanding balance for the duration of the loan. Jazakallahu and thank You

Fatwa

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Publication Date

2001-03-07

Main Subjects

Economics & Business Administration
Islamic Studies

Topics

• Islamic jurisprudence
• Financial institutions
• ٌLeasing
• Housing
• Financing
• Labour
• Purchasing
• Brokers

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-724867

• APA
• MLA
• AMA