Conventional and Islamic finance of home purchase : Islamic finance is expensive

Fatawa Question

Salam Alikom brother, I really appreciate your time to answer my question, and I really take your Fatwa into consideration, because I read a lot of your Fatwa before. I have one more question the Islamic mortgage that I am dealing with now charged me over my budget. Regular mortgage would be around $ 1250 to 1300 a month, but the Islamic mortgage charges me $ 1722 a month. It's really hard because I have to do over time now to cover this payment. Should I consider refinance with regular mortgage or stay with Islamic mortgage ?

Fatwa

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Publication Date

2008-03-21

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Housing
• Financing
• Purchasing
• Real property
• Commercial finance companies
• Subprime mortgage

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-734662

• APA
• MLA
• AMA