Fatwa #3419923 December 2015United Kingdom

Rayyan Bank’s Halal mortgage product

Question

Has there been a reply to fatwa 32264 in regards to halal mortgages in the UK?

Answer

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

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh

We cannot comment on Rayyan Bank’s Halal mortgage product as we have not received a copy of the terms and conditions of the contract. However, we have received a copy of the brochure. There are certain aspects of the product which are doubtful from a Shariah perspective. We advise the public to abstain from the product until we reach a definitive conclusion on the matter.

And Allah Ta’āla Knows Best

Ismail Desai,

Darul Iftaa

Checked and Approved,

Mufti Ebrahim Desai.

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