Fatwa #578630 May 2002South Africa

I intend buying a house through Albarakah bank. Is their form of finance in accordance with Shariat ?

Question

Assalamu-Alaikum Mufti Saheb I intend buying a house through Albarakah bank . Is their form of finance in accordance with Shariat ? Was Salaam

Answer

To the best of our knowledge, Albarakah Bank purchases the house and resells
it at a profit, which is shared with their shareholders according to the
Mudhaarabah partnership.

The concept is correct. We advise you enquire from the bank their procedure
in doing so and forward that to us. We shall comment thereafter.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

#47183Islamic House Financing Standard Chartered Bank Pakistan
#5891Finance from Albaraka Bank - one of their pre-requisites is that one has to have house-hold insurance
#19353I live in Newyork and i would like to know if i can borrow loan from a bank to buy house ?
#9110Permissibility of AlBarakah Financing: 1.Profit is fixed, 2.Title deed remains property of AlBarakah, 3.surplus cash cannot be put into the account on monthly basis, 4.Insurance is required on house
#13526I have approached the bank and explained that I want to buy a house with a loan from them that complies with Islamic Law and Principles.
#24745Islamic Home Finance Solution
#13812I have approached the bank and explained that I want to buy a house with a loan from them that complies with Islamic Law and Principles. I have asked that they buy the house for me, and agree to re-sell to me with an agreed profit,
#10152Buying a Car on a fixed installment ...According to the bank (reserve bank laws) I have to insure this financed car. Would it be ok to then accept it with insuring the car?

Something wrong with this record?

Question

Answer

Related rulings