Transactions of Islamic banks : financing house purchase from Islamic banks

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, I and my husband are Muslims. We have a home which is half finished. That means all the 4 floors have been founded, however still the walls and the rest are not finished. Therefore, except our flats (one flat for us and on other for my parents in-law) in which we live the rest of the house area remains unconstructed because of lack of further capital. We would like to finish it and give it on rent because it only needs little investment now to be brought to an end compared to the big investment done up to now. However, we do not have more money, and we would like to approach a bank in Albania. Can you suggest a Halal way to approach for a loan ? There is only one bank with Muslim capital (Bahrain) in Albania, however the Albanian laws do not permit 100 % free of interest loans and we are still afraid to go for it. On the other hand, friends have helped us a lot up to now, and there is no way we can approach our friends for free loans. Therefore, we can only approach some financial institutions. Please suggest. Best wishes, Anduena Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2006-08-03

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-788450

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