Is the news hare scheme Shariah compliant ?
Fatawa Question
My local council offers this scheme, called newham news hare. From the website it states : “An equity loan from us will make up the difference. The type of property you want to buy will decide what percentage of the cost you will have to fund from a mortgage and deposit. Equity loan fee When you buy your home, you will pay a yearly fee of 1.75 per cent on our equity loan. This increases annually in line with the Retail Price Index plus one percentage point. Your fee will reduce as you pay off the loan.”. Would the equity loan fee be considered interest ?
Fatwa
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Publisher
al-Qalam Shariah Scholar Panel
Publication Date
2016-07-31
Country of Publication
United Kingdom
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-726981
American Psychological Association (APA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2016-07-31. Is the news hare scheme Shariah compliant ?. . Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-726981
Modern Language Association (MLA)
al-Qalam Shariah Scholar Panel (Manchester, England). Is the news hare scheme Shariah compliant ?. Manchester England : al-Qalam Shariah Scholar Panel. 2016-07-31.
https://search.emarefa.net/detail/BIM-726981
American Medical Association (AMA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2016-07-31. Is the news hare scheme Shariah compliant ?. Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-726981
