House purchase financing in Muslim countries: buying a house on interest in Morocco

Fatawa Question

In the name of god the most merciful, the most gracious. Al Salam Alaykum Wa Rahmatullah Wa Barakatuh. Thank you for giving me a time to read my letter and please if you could answer my following question : in Morocco, the couple cannot buy a house in a few years or saving ; because the prices are too high .for sure we cannot take a loan from the bank because of the interest. But my husband and I are renting a house with about $ 500, and we cannot save money with this rent price. However, my husband company suggests for him to buy a house from them, actually ; they will buy us a house, and they will sell it for us. The problem is that they will sell it to us with 30 % percent plus the house price. For example, if the house is costing $ 100000, they will buy it with this amount and sell it to us about $ 130000, and we will return the amount monthly among 10 years. furthermore, the amount will be divided on 10 years, each month we will pay for them $ 400 (the house price) + $ 400 (the amortization of the house) Simply is it Halal or Haram thank you very much for reading my message and I'm looking forward to your answer thank you again ; Mme Reem

Fatwa

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Publication Date

2001-03-07

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Dwellings
• Prices
• Financing
• Purchasing
• Rent

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-725554

• APA
• MLA
• AMA