Alternatives to interest home financing : Buying a house in Canada where the Islamic Housing Cooperative has difficult uncompetitive conditions
Fatawa Question
Assalamu Alaikum, I'm asking you for a help, will it be Halal for us to borrow money from a normal bank, even thou we have found an Islamic cooperative, which we feel is not the one what will help us to move in to our own place this summer or near future ??? Notes : I need a help in deciding to do the correct thing. I (with my family) and my sister in Islam (with her husband) want to buy a triplex or 4 plex here in Montreal, Canada. We had been searching for an Islamic House Cooperative, and finally we found one, but to our disappointment, we found out, that there is a big waiting list (minimum a 1 year long), we would have to give 20 % up front and buy a membership of 2000 $, plus we would be allowed to buy only a small house for maximum 120 000, or big for 200 000 but we would have to give instead of 20 % 90 000 $, what is impossible. Plus, we would pay now, and when our turn would come, they will notify us 4 months ahead to look for a house. They are going to take for them selves amount which ever they would calculate as an average rent for an apartment big as the house, (meaning rooms). I had a real hard time to find out what is Islamic in that. If I do think that in a normal bank it is much better deal, and I will be able to have a house now. I have 2 children and we are growing out of our apartment. We will have to move and we find it is much better for us to pay for our own place, then to give it to someone else. And we find that the best way how to get a house for us, is to invest into a plex and use this money to buy our own house.
Fatwa
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Publication Date
2002-05-05
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
Data Type
Fatawa
Language
English
Record ID
BIM-725387
American Psychological Association (APA)
Qahf, Mundhir. 2002-05-05. Alternatives to interest home financing : Buying a house in Canada where the Islamic Housing Cooperative has difficult uncompetitive conditions. .
https://search.emarefa.net/detail/BIM-725387
Modern Language Association (MLA)
Qahf, Mundhir. Alternatives to interest home financing : Buying a house in Canada where the Islamic Housing Cooperative has difficult uncompetitive conditions. 2002-05-05.
https://search.emarefa.net/detail/BIM-725387
American Medical Association (AMA)
Qahf, Mundhir. 2002-05-05. Alternatives to interest home financing : Buying a house in Canada where the Islamic Housing Cooperative has difficult uncompetitive conditions.
https://search.emarefa.net/detail/BIM-725387
