Conventional and Islamic finance of home purchase : house financing in Canada

Fatawa Question

[Question One] : Alslamu Alaykum Wa Rahmatu Allah Wa Barakatuh Dear Dr. Monzer Kahf, I am Dr. Abdulaziz living in Canada, I did work hard last few months to get house according to Islamic rule and Shari’ah law and after months of negotiation with Canadian finance institution we end with this agreement which I hope it will follow the Murabahah sales contract. Please, the contract or agreement was attached to this email for your consideration So I am not sure that this transaction will be compliant with Shari’ah Law and for this reason I did take this to you prior to any engagement with the others. Kindly for your opinion and advice and if there is any cost for Shari’ah advice please don't hesitate to let me know. Jazaka Allah Khairan Regards [Question Two] : Dear Prof. Dr. Monzer Kahf, Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh. I am still in negotiation with the Vendor about the Murabahah sale agreement. Kindly, I did attach the agreement after they answered your inquiries and their comments in (blue) and your comments in (green), I am waiting your reply to sit with them again this week. Please make Duaa for me to get Halal way and follow the straight path. Jazaka Allah Khairan Regards Wassalam Dr. Abdulaziz

Fatwa

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Publication Date

2010-02-17

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

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

No. of Pages

3

Data Type

Fatawa

Language

English

Record ID

BIM-734923

• APA
• MLA
• AMA