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

Fatawa Question

Greetings Dr. Monzer; I hope all is well for you. I had previously contacted you with regards to assistance in Islamic home financing product we are working on. In due time I will be giving you further information in terms of the product structuring and may require your advisory services. In the meantime, I wanted to discuss with you few questions : -In terms of permissibility in Shari’ah, what are the parameters and is it ok to have a compliant product I.e. front end contracts are either Musharakah or Ijarah and back end are interest based. For example, guidance residential in US has this sort of facility from Fannie Mai and Freddie Mac. Perhaps if you feel appropriate to discuss this over phone I can call you at convenient time. Regards, Sarim

Fatwa

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Publication Date

2010-02-26

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-734938

• APA
• MLA
• AMA