Buying a home on interest outside western hemisphere : loan for purchasing house

Fatawa Question

Dear Brother Monzer, Asalamualikum I am from India and I want to know about buying a house from an interest based loan. 1. I do not own a house presently and am living in a rented house. I know it is not permissible for us to take interest based loans. But I have read from your various Fatwas which mention an element of necessity makes it permissible. My specific question is with regard to what can be described as a necessity ? I am planning to try other sources to buy a house. Please pray for me that I do not have to buy this house through an interest based loan. 2. You have once mentioned that there is an Islamic Bank in India. Can you please name it ? What are Shari’ah rulings on living in a house on lease basis. I have heard various people stating that this is not permissible in Islam since the lease amount is returned to the tenant on expiry of the lease period and the landlord does not get any money for leasing his house since there is no monthly rental. 3. Is it better to put one's money in a current account and earn no interest at all or put it in a savings account and give the entire interest amount as charity ? Wasalam Tariq

Fatwa

Click hereto view more

Publication Date

2007-01-03

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-785692

• APA
• MLA
• AMA