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Fatwa #2287520 October 2012South Africa

Is there any House Financing Product?

Answered by Ismail Desai

Question

Please can you assist with advice I require regarding housing finance, currently we are renting however the owner wants to sell the property which we agreed we can purchase however I need some advice regarding housing finance, the building is a share block and I am not sure which banks do finance share blocks I have consulted Al-Baraka unfortunately they do not finance share block, which Islamic Finance options do we have?

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

The Darul Iftaa has not approved any house financing products.

If you do come across any approved products, you may submit the contractual documentation for our review.

And Allah Ta’āla Knows Best                                       

Ismail Desai,
Student Darul Iftaa
Durban, South Africa

Checked and Concurred by,
Moulana Abdul Azeem Bin Abdul Rahmaan

Student Darul Iftaa

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