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[Islamic mortgage conditions]
Fatawa Question
Riba-based bank (there is no Islamic bank here) owns a house (foreclosure). I go to the bank and say that I want to buy the house and I will pay 20 % of the price. The bank says that it will invest the remaining 80 %. The bank tells me a fixed monthly installment (basically fixed interest) which I need to pay each month for the entire term and then the house will be mine. Is it permissible ? Do I need to bother how the bank is coming up with the money since it is bank’s house? Don’t you think it’s the same as me going to a friend and saying that I want to buy his house paying 20 % as down payment and will pay the rest in installments for say 10 years ? My friend agrees and says that I need to pay the remaining 80 % (equivalent to say $ 10000) plus $ 5000 since I am paying in installments).
Fatwa
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Publication Date
2012-03-20
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-733129
American Psychological Association (APA)
Qahf, Mundhir. 2012-03-20. [Islamic mortgage conditions]. .
https://search.emarefa.net/detail/BIM-733129
Modern Language Association (MLA)
Qahf, Mundhir. [Islamic mortgage conditions]. 2012-03-20.
https://search.emarefa.net/detail/BIM-733129
American Medical Association (AMA)
Qahf, Mundhir. 2012-03-20. [Islamic mortgage conditions].
https://search.emarefa.net/detail/BIM-733129