Facilities from conventional and Islamic banks : facility for desired period is not offered by the Islamic bank

Fatawa Question

[Question One] : Dear Dr. Monzer Kahf Assalamu Alaykum Wa Rahmatullah Wa Barakatuh I am from Sri Lanka and yes there are Islamic banks here but I need to get a loan where the period extend to say about 15 to 17 years so that it will affordable to live in our daily expense. Here our Islamic Bank moves a maximum of 6 years, where I can't afford to pay so much. Please advise me whether it is possible to go on commercial bank procedures. The reason why I’m buying a land is to build a small house, just at least one room, and y I don’t want to move on rent is coz day by day the land value increase. Someday I think I will or may have a disability to pay such amount of rent. Since the money in hand is quite low. Allah (Jal) knows a lot, and knows my abilities and disabilities and future to. Your concern will be much appreciated. Thank you. Best Regards, Wa Salam. [Question Two] : Dear Dr. Monzer Kahf Assalamu Alaykum Wa Rahmatullah Wa Barakatuh. It is not difficult to seek other banking financing or lets conventional banking since the period of years extend to 15 to 16 years. Then repayment capacity per moth is low and manageable. Please your advice. Best Regards, Wa Salam, Mohamed

Fatwa

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Publication Date

2008-02-10

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Management
• Derivative securities
• Housing
• Financing
• Loans
• Resale on profit
• Usury
• Islamic Banks

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-730764

• APA
• MLA
• AMA