Home mortgage in western countries : buying a house on mortgage

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, Al Salamualykum I live in USA and I am planning to buy my first house to live in. I was not sure about what is the right thing to do and not be considered as ? Haram ? regarding taking a mortgage. Recently I found out that I can buy the house through an Islamic mortgage company which apply the ? Mosharkah ? concept ; however, based on their calculations it is going to be very difficult for me to afford the payment compared to the other American companies. I have read some fatwas but I am still not sure what to do especially that I need a bigger house for my family, and renting a house will cost almost the same as buying a new house. Jazakum Allahu Khayran. Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2007-02-06

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-785673

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