Alternatives to interest home financing : buying a flat in UK

Fatawa Question

Assalamu Alaikum. I am presently resident in the UK. I am planning to buy a flat for residence In Sha Allah. I found out that there is bank of Kuwait offering Murabahah or Ijarah system as alternatives to interest based mortgage in the UK. Because I would like to pay back my debt as soon as possible In Sha Allah, the Murabahah system is not suitable for me, but the Ijara system is. Unfortunately, the terms given by them are less favorable. Besides, I also found that they charge more, so I actually end up paying much more for borrowing the money to them, than if I took out a mortgage from one of the high street based mortgage companies. I would like to pose my question to the European council of Shari’ah, if possible please, whose previous Fatwa on mortgage I have read in the Fatwa bank. Under the circumstances, I would like to know, would it be possible for me to take out a mortgage from one of the high street mortgage companies ? Zajakumulllah. Allah Hafez

Fatwa

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Publication Date

2002-05-05

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Housing
• Dwellings
• Financing
• Purchasing
• United Kingdom

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-725383

• APA
• MLA
• AMA