Source: http://qa.muftisays.com/?3907
Question ID: #3907
 
Question: Intrest from bank for home to live in
I am renting and i dont have home. I like to buy house to borrow money money from bank to live in house. Is this haram if i want because i dont have cash to buy
 
 
Answered by: Ulamaa ID 04 (London)
Date: 25/06/2008 00:38am

Bismillah

Al-jawab billahi at-taufeeq (the answer with Allah's guidance)



It will not be permissible to take out a mortgage from conventional banks. As muslims we should adopt permissible methods in purchasing properties and homes etc.

Alternatively, you can take out a loan which is in accordance to Shariah which have been approved and verified by scholars like Mufti Taqi Uthmani, Mufti Abdul Qadir Barkatulla and Sheikh Nizam Muhammed Saleh Yaqoobi.

Please refer to: http://www.muftisays.com/qa.php?viewpage=viewQA&question=942



And Only Allah Ta'ala Knows Best.
Mufti Qamruzzaman

London, UK
 
www.MuftiSays.com