Conventional and Islamic finance of home purchase : buying a house with non-Shari`ah compliant mortgage

Fatawa Question

Dear Dr. Monzer, Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh, I am working in UK for the past 6 years. I bought a house in Scotland in 2004 with HSBC mortgage. Unfortunately there are no Islamic / Shari’ah compliant mortgages available for property in Scotland. In 2007 I moved to England for job and rented a flat in the new city. As I was not sure about the duration of my job and still not sure when will I go back to Scotland so I did not sell my house in Scotland but put it on rent instead. Now I am paying 857 pounds / month in mortgage and 600 pounds / month as rent of my flat in England. I get a rent of 620 pounds / month for my house in Scotland. I am not sure whether I can spend that money to pay the mortgage or to pay my rent in England as the house was bought with non-Shari’ah compliant mortgage and I pay interest on that. I would be very grateful for your help. Jazakum Allahu Khairan for your constant help Yours, Sami

Fatwa

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Publication Date

2008-09-17

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Islam
• Housing
• Financing
• Purchasing
• Provisions of sharia
• Real property
• Commercial finance companies
• Subprime mortgage

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-734850

• APA
• MLA
• AMA