Financing house purchase in the west : necessities again

Fatawa Question

My question is regarding what you call necessity of getting a mortgage in the US for buying a home. We are a family of three. We can continue rent a house or an apartment but that is starting to drain our financial resources. Also, we would like to have house with larger space because of increasing need for space and better living conditions. Is any of the above two conditions considered necessity in Shaikh Qaradawi Fatwa for getting a mortgage ? The definition of necessity was not made clear. Some Shaikhs consider the above two conditions necessity other Shaikhs considered the necessity is when you will end up in the street or loose a life. Also notice that I check Islamic banking in the us and found them very expensive compared to the traditional US mortgage. To me Islamic banking is not affordable at this time. Salam Alaikum ;

Fatwa

Click hereto view more

Publication Date

2001-12-02

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Subprime mortgage

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-725407

• APA
• MLA
• AMA