Conventional and Islamic finance of home purchase : Islamic financing offered by conventional credit union

Fatawa Question

Assalamu o Alaykum, I am writing this mail from Winnipeg MB, Canada. Last week we had conference on Islamic mortgage, organized by Assiniboine credit union. Yours name was in the list of Islamic finance advisory board. Now here is my question and concerned. Can you help me to understand about this contract to make it Islamic (or basic principle those were adopted from Quran and Sunnah. By generally looking not only me for most of us this is looks like regular conventional mortgage. Because with this Islamic mortgage Muslim applicant will pay same amount of interest that is paying a regular home buyer (non-Muslim).and almost all conditions are same except Muslims are bound to pay down payment more that is 20 % of the cost of house. I will be appreciated and thankful for yours favor and information. If you answer as soon as you can that will be very nice of you. Once again Jaza Kum Allah Khairan. Was Salam.

Fatwa

Click hereto view more

Publication Date

2010-02-23

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

1

Data Type

Fatawa

Language

English

Record ID

BIM-734937

• APA
• MLA
• AMA