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Fatawa

Can I sell property to a buyer with a conventional mortgage ?

Question: Can I sell property to a buyer with a conventional mortgage ? We are in the business of buying and selling properties in the U.K. and wish to ensure that our business is ethical, Halal and permissible.We list below the ....

Subjects: Islamic jurisprudence; Real property; Sales; Subprime mortgage; Vendors and purchasers

Fatawa

Conventional and Islamic finance of home purchase : Islamic finance for house buying

Question: Salam AlaykumI want to take a home loan from an Islamic bank in Australia called MCCA.The transaction will be : Ijarah Muntahiah Bittamlik as they say. However when I asked MCCA where they got the money from ? They said ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : purchasing house with bank loan

Question: Assalamu Alaykum wa Rahmatu Allahi wa Barakatuh,I hope you are fine.In the Latin culture of law, when someone wants to purchase a house, 1) first of all, he has to go to the financial institution, I.e. a bank, to request ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : house financing

Question: [Question One] :Assalamu Alaykum,I have a question regarding Islamic finance of housing as discussed by Mufti Taqi Usmani in his book "Islamic Finance". I have read the chapter in quite detail, in regards to co-ownership model for financing a house. ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : house purchase mortgage

Question: Assalamu Alaykum Dr. Monzer :Alhamdulillah I have found your webpage today and was eagerly going through your fatwa mortgage 2007. PDF file. I truly admire your devotion to Islamic finance and your efforts. May Allah grant you Tawfiq to do ....

Subjects: Purchasing; Real property; Subprime mortgage

Fatawa

Conventional and Islamic finance of home purchase : buying a house with non-Shari`ah compliant mortgage

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh,I am working in UK for the past 6 years. I bought a house in Scotland in 2004 with HSBC mortgage. Unfortunately there are no Islamic / Shari’ah compliant mortgages available for ....

Subjects: Provisions of sharia; Purchasing; Real property

Fatawa

Official recording interest-based loans : notarizing interest loan

Question: Dear brothers in Islam. My question is a difficult one for me, because I didn’t know how to answer it. This is the scenery : a goes to B (a bank) and requests a loan with interests. B gives the ....

Subjects: Loans; Usury

Fatawa

Conventional and Islamic finance of home purchase : house mortgage urgent

Question: Salam Dr. Kahf,I am in the process of buying my first house here in California. I would like to do it Islamically if I can. I have been talking with guidance, but their rates are way higher than other regular ....

Subjects: Purchasing; Real property; Subprime mortgage

Fatawa

Conventional and Islamic finance of home purchase : Shari'ah house financing

Question: [Question One] :Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh.I have a former coworker named Muzzammil who is seeking Shari’ah aligned financing for his real estate investment. He stumbled upon La Riba and was happy to see that Muslims have at ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : taking interest-based loan to buy a house

Question: Dear Dr. Monzer,Assalamu Alaykum Wa Rahmatu Allahi Wa Barakatuh,In the name of Allah, most gracious, most merciful. All praise and thanks are due to Allah, and peace and blessings be upon his messenger. Dear brother in Islam Al Salam Alaykum ....

Subjects: Loans; Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : taking a loan to build a house

Question: In India no Islamic finance available. How to finance my house construction without finance ? May I take interest based finance for a short time and repay at the earliest by making some other arrangements like selling some other property ....

Subjects: Purchasing; Real property

Fatawa

Inventory financing : can banks and insurance companies be allowed to invest in Halal funds ?

Question: Dear Prof Kahf,Salaam Alaykum Warahmatulah Wa Barakatuh.I hope you and your family are well.It has been a long time since we spoke as we were busy on roadshows etc. promoting the Halal fund. Alhamdulillah, it was successful and over 200 ....

Subjects: Banks; Financing; Insurance companies; Mutual funds; Stock

Fatawa

Conventional and Islamic finance of home purchase : conventional mortgage use

Question: Assalaamu Alaykum,I would like your opinion on a matter regarding the use of a conventional mortgage in the setting of an existing loan. I am a married resident physician at the University of Pennsylvania and have approximately $ 30,000 of ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : taking a bank loan to buy a house

Question: Al Salam Alaykum Wa Rahmatu Allahi Wa Barakatuh I would like to ask an important question for us who are living in Europe. Is it allowed for us to take a loan from a bank to buy a house for ....

Subjects: Purchasing; Real property

Fatawa

Conventional and Islamic finance of home purchase : Islamic finance is expensive

Question: Salam Alikom brother,I really appreciate your time to answer my question, and I really take your Fatwa into consideration, because I read a lot of your Fatwa before. I have one more question the Islamic mortgage that I am ....

Subjects: Subprime mortgage

Fatawa

Conventional and Islamic finance of home purchase : buying a house on Islamic finance

Question: Al Salam Alikom,My name is Ahmed, I am from USA.I just bought a house under Islamic law by guidance financial. They offer Islamic law mortgage (co-ownership program) I would like to ask you if this mortgage still Riba (even though I am dealing with Islamic institution) or it's Halal.Salam 3alikom.

Subjects: Financing; Housing; Subprime mortgage

Fatawa

[Islamic home finance in America]

Question: As-Salam `Alaykum !In the US we have the Islamic mortgage companies that claim their co-ownership programs to be Halal. In this program you must pay mortgage payment that is interest free, but you must also pay co-ownership fee and fair ....

Subjects: Housing

Fatawa

DIBPL home finance Product

Question: -.

Subjects: Financing; Housing; Islamic Banks; Islamic jurisprudence; Subprime mortgage

Fatawa

Studying and working in the other financial firms and the financial sector : selling insurance, mortgage and mutual funds

Question: Recently I've been offered a job with a financial services company selling Mortgages, life-insurance and mutual funds and I'm very interested but before I proceed I wanted to know if I do this as a career is it Haram or Halal.

Subjects: Insurance; Islamic jurisprudence; Mutual funds; Sales; Subprime mortgage

Fatawa

House purchase financing in Muslim countries : buying a house in Jordan

Question: In the name of god dear sir ; thank you very much for this opportunity, I need to ask if it is Halal to take a loan from a bank to buy a house for the family, knowing that me ....

Subjects: Financing; Housing; Islamic jurisprudence; Jordan; Purchasing

Fatawa

Financing house purchase in the west : buying a house in Canada : [4]

Question: We bought a house here in Calgary, Canada and being a Muslim and to avoid interest problem we got financing from Islamic CO-OP, out in Toronto. But in the first year we find out that Islamic CO-OP is just using ....

Subjects: Dwellings; Financing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

Financing house purchase in the west : buying a house on mortgage in the USA : [2]

Question: Assalamu Alaikum I just wanted to know weather it's forbidden or legal to buy a house through a loan from the bank, keeping in mind that we cannot afford buying a house in cash, and in case of buying it, ....

Subjects: Housing; Islamic jurisprudence; Sales; Subprime mortgage; United States

Fatawa

What to do with earned interest ? : using interest on savings to offset interest on mortgage

Question: Could one take a mortgage whereby any interest charged could be offset from interest that the bank gives on a savings account i. e. There is only one account for savings and mortgage and the account holder is not concerned ....

Subjects: Islamic jurisprudence; Savings; Savings accounts; Subprime mortgage; Usury

Fatawa

Alternatives to interest home financing : buying a house in the USA from builders

Question: The question is about buying a home in USA from companies that provide both homes and financial services (mortgage). Is it permissible to get a home mortgage from those companies which sells you the house and provide the home buyer ....

Subjects: Dwellings; Financing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

Financing house purchase in the west : buying on mortgage in Canada

Question: I hope you remember me. We met during ISNA conference. I was also the coordinator of one of the programs during the conference. Well, after all I am your sister in Islam and I have a question which is a ....

Subjects: Canada; Dwellings; Financing; Islamic jurisprudence; Purchasing

Fatawa

Financing house purchase in the west : buying on mortgage or renting in UK

Question: What is the Islamic view on the western mortgage. I only ask because this is such a contradictory subject as a portion of the people will say Halal and another will say Haram. Please note that bearing in mind the ....

Subjects: Islamic jurisprudence; Subprime mortgage

Fatawa

Refinancing to reduce interest : refinancing to reduce the interest on mortgage

Question: Assalamu Alaykum Wa Rahmatu Allah Wa Barakatuh. After reading from several Islamic sources that it was permissible, and praying Istakhara, my wife and I purchased a house 2 years ago with a 30 year mortgage. al-Hamdulillah in the first year ....

Subjects: Islamic jurisprudence; Refinancing; Subprime mortgage; Usury

Fatawa

Signing credit cards’ contract and using it : sending mother to Hajj on ticket purchased on credit card

Question: Assalamu Alaikum. Dear counsel, 2 years ago I promised to pay for my mom's Hajj. Due to logistics she did not make it to go. I have lost my job and I lost my house when I divorced my Ex ....

Subjects: Credit cards; Pilgrimage

Fatawa

Going for hajj while under a mortgage debt : sending mother to Hajj while under mortgage

Question: Assalamu Alaikum dear counsel, 2 years ago I promised to pay for my mom's Hajj. Due to logistics she did not make it to go. I have lost my job, my house when I divorced my Ex non-Muslim wife. I ....

Subjects: Debts; Islamic jurisprudence; Mothers; Pilgrimage; Subprime mortgage

Fatawa

Working in the mortgage system : advising persons under interest-based mortgage

Question: Assalamu Alaikum, may Allah bless you your efforts and time. I have an opportunity to improve my financial situation by getting involved with Primerica a financial services company. I have 7 kids, wife doesn’t work, cannot work, going in debt ....

Subjects: Islamic jurisprudence; Subprime mortgage; Usury

Fatawa

Opening interest-based account : is a money market account Riba based ? can we use earned interest to pay for taxes ?

Question: I deal with a credit union bank. This bank has loans activities as well as investments activities e. g. Money Market Investment. At the end of the fiscal year, I receive the financial statement that shows the percent of each ....

Subjects: Taxes; Usury

Fatawa

Nterest-based financing of house and car is prohibited : buying properties with interest

Question: Dear brothers and sisters, Assalamu Alaikum Wa Rahmatullah, As you are aware many Muslims, using bank money and paying mortgages with interest, are buying houses, businesses and even mosques. Please let me know if there is a toast Fatwa in this regard..

Subjects: Dwellings; Financing; Islamic jurisprudence; Money; Purchasing

Fatawa

Examples of lack of justifying needs : buying a bigger house on mortgage in the UK

Question: living in UK I bought a house ( took mortgage from a building society) now I am going to buy another bigger house and sell old house and take a mortgage and close old mortgage as you know banks and ....

Subjects: Dwellings; Financing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

Financing house purchase in the west : buying a house on mortgage

Question: I live with my husband in us we live in rent apartment we are planning to bay a house we have 20 % cash money for the price of this house. Now we pay about 800 $ monthly as rent ....

Subjects: Housing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

Examples of lack of justifying needs : renting part of a house purchased on mortgage

Question: Following to my question about mortgage that I sent 2 days ago which is still awaiting for reply ; I would like to add the following : if it is ok for me to buy a house by mortgage, is ....

Subjects: Dwellings; Housing; Islamic jurisprudence; Purchasing; ٌLeasing

Fatawa

Buying houses in non-Muslim countries : buying a land for a house on Riba in India

Question: Assalamu Alaikum ! Is it permissible to take loan from banks / financial institutions / housing development board / for purchasing land and constructing a house wherein interest is involved ? Thank You..

Subjects: Financial institutions; Housing; Islamic jurisprudence; Loans; Purchasing

Fatawa

Financing house purchase in the west : buying a house on mortgage in the USA : [1]

Question: Assalamu Alaikum, My question is about buying house by mortgage. I want to explain how these financial transactions happen in the US. The bank buys the house from the seller, then I make fixed payments every month to the bank ....

Subjects: Islamic jurisprudence; Subprime mortgage; Transactions

Fatawa

Examples of lack of justifying needs : buying a house on mortgage to be near Islamic school

Question: Assalamu Alaikum I'm new in Canada, living in Mississauga which is full of mosques, Islamic schools and big Muslim community. I have some money so I can buy house without bank mortgage but it will be too far from this ....

Subjects: Housing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

What to do with earned interest ? : using interest to pay interest : [2]

Question: Assalamu Alaikum. My family has a mortgage on our house as we have no other means of purchasing it in the UK. We pay interest to the bank on this loan. I had an idea to put my money in ....

Subjects: Payments; Usury

Fatawa

Buying necessary property on interest : buying a property on mortgage to save one’s business

Question: Assalamu Alaikum WW, I have a question about mortgage. A friend of my mine owned a restaurant business and he is paying $ 1300 rent. Now the owner of the property wants to sell the property and my friend is ....

Subjects: Islamic jurisprudence; Purchasing; Real property; Subprime mortgage

Fatawa

Working in the mortgage system : setting an interest-free mortgage company

Question: Assalamu Alaikum, I have been thinking to set-up a company where I can provide interest free mortgages to Muslim Ummah. I have spoken to some people and they tell me it will only work if you buy a house for ....

Subjects: Corporations; Islamic jurisprudence; Labour; Subprime mortgage; Usury

Fatawa

Financing house purchase in the west : criteria of necessity to buy a house on interest

Question: Assalamu Alaikum, I read about the Fatwa of buying home through mortgage and the key of that Fatwa is two things Islamic solution unavailable and necessity for home buying.My question is what are the criteria of necessity ? Who can set the situation of necessity ?Jazakum Allah Khair.

Subjects: Dwellings; Financing; Islamic jurisprudence; Purchasing; Subprime mortgage

Fatawa

Is insurance permissible ? Life, car, health, property, hazards, shipping, etc. : life and property insurances

Question: Can u give some information on : 1. Life insurance to cover mortgage, 2. House contents insurance to cover loss and theft, 3. Building insurance to cover loss, damage etc. what is the Islamic stance on these issues given that ....

Subjects: Life insurance; Property

Fatawa

Studying and working in the other financial firms and the financial sector : mortgage broker

Question: Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh !!! I am a recent revert to Islam. Recently, I have begun working as a mortgage broker. (Finding loans for home buyers) I don't work directly for the lenders however I get paid based ....

Subjects: Brokers; Islamic jurisprudence; Subprime mortgage; Usury

Fatawa

Working in the mortgage system : working as a mortgage broker

Question: Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh !!! I am a recent revert to Islam. Recently, I have begun working as a mortgage broker, (finding loans for home buyers) I don't work directly for the lenders however I get paid based ....

Subjects: Contracts; Dwellings; Financing; Islamic jurisprudence; Loans

Fatawa

Zakah and taxes-payment of taxes from earned interest ? : tax payment from earned interest

Question: Thank you for answering my previous 2 questions. I have a daily question by many Muslims ; I will list some facts then the question (1) we receive money from the banks as an interest on our accounts (2) we ....

Subjects: Alms tax; Taxes

Fatawa

House purchase financing in Muslim countries : buying on mortgage in Morocco

Question: I live in Morocco and there is no Islamic bank. Can I buy a house with interest procedure.Thank you very much.

Subjects: Islamic jurisprudence; Morocco; Purchasing; Subprime mortgage

Fatawa

Going for Hajj while under mortgage debts

Question: Assalamu Alaykum, Previously, I had already asked whether is ok for me to perform Hajj while I am still paying for my mortgage repayment. Many thanks to the Sheikh who said it was ok, as long as I am able ....

Subjects: Debts; Islamic jurisprudence; Pilgrimage; Subprime mortgage

Fatawa

Examples of lack of justifying needs : taking an interest-based loan to help paying an interest mortgage

Question: Salam, I am a student and I am studying at university. I have taken out a loan from a loans company and I will be charged interest in terms of inflation. I am using this money in order to help ....

Subjects: Interest; Islamic jurisprudence; Loans; Payments; Subprime mortgage

Fatawa

Competitiveness of Islamic banks

Question: Assalamu alaikom I live in UK and i want to buy a house. The Islamic banks is asking for higher deposits which i can not afford. Can i take a mortgage. Assalamu-Alaikom.

Subjects: Islamic Banks; Subprime mortgage

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