Conventional and Islamic finance of home purchase : paying off bank house mortgage

Fatawa Question

Dear Dr. Monzer, Assalamu Alaykum Wa Rahmatullah Wa Barakatuh, I live in Canada. I read the fatwa posted on your web site, that says it’s Ok to buy a house through a mortgage under certain conditions and I did buy a house by taking a mortgage through one of the banks here in Canada. After buying the house I got a contact to work in the Middle East, so I closed my house and went to work in the Middle East, now I’m returning back with some savings. Do I have to pay all my saving in the house to get rid of the interest ? Or just keep paying according to the old schedule ? Jazakum Allahu Khairan for your constant help Yours, Muhammad

Fatwa

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Publication Date

2009-04-08

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

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

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-734878

• APA
• MLA
• AMA