[Dilemma of buying our first home]

Fatawa Question

As-Salamu `Alaykum. I hope you're doing well. My name is Humayun Haq. I am married. We live in NY with our 3 kids. I am in the dilemma of buying our first home. I know many options exist in the US for Islamic finance, with guidance, LaRiba and university Islamic finance. There is also the Fatwa that I've heard about from Sheikh Qaradawi about conventional mortgage for buying the first house to live in the west for Muslims. Conventional mortgage is also cheaper these days (at least), and the houses in NY are really expensive about close to $ 400,000. The difference can be between close to 2 % or more. Interest rates on 15 years about 3 % and profit sharing at about 5 %. I need your help to make this decision, which path to choose ? I would like your answer ASAP because I need to put in paper work within 1-2 weeks as we have finalized the house that we want to make contact on. Jazaka Allah Khair. Humayun

Fatwa

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Publication Date

2012-03-20

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Dwellings
• Financing
• Purchasing

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-733097

• APA
• MLA
• AMA