Financing house purchase in the west : buying a house in Canada : [4]

Fatawa Question

We bought a house here in Calgary, Canada and being a Muslim and to avoid interest problem we got financing from Islamic CO-OP, out in Toronto. But in the first year we find out that Islamic CO-OP is just using Islam, trying to cheat all the times, lying, no service, very unprofessional, charging more than twice then other financial institutions and treating the peoples in very bad manner and also we got few threats from them guys and we end up buying our house from CO-OP through a bank and now we have mortgage from bank. I end up loosing about 20,000 $ can, which I paid them as a rent in one year and plus lots of troubles with Islamic CO-OP. Now I am paying about half of the amount that I was paying to Islamic CO-OP and peace of mind. So my question, is it right or wrong to have mortgage from bank having a very bad experience with Islamic CO-OP. Thanks

Fatwa

Click hereto view more

Publication Date

2003-02-24

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Dwellings
• Financing
• Purchasing
• Subprime mortgage

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-725472

• APA
• MLA
• AMA