Is it haram to borrow money from a bank to buy a house if I don’t have cash?

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
Answer
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.

————————————–
Moulana Qamruz Zaman
London, UK

Original Source Link

This answer was collected from MuftiSays.com, based in London (UK). It is one of the fruits of Darul Uloom London. Many ‘ulama are involved in answering the Q&A on the site, including: Shaikul Hadeeth Mufti Umar Farooq Sahib, Mufti Saifur Rahman Sahib, Mufti Abdullah Patel Sahib, Maulana Qamruz Zaman Sahib, Mufti Abu Bakr Karolia Sahib.

Tags: Bank, loan, mortgage, Shariah

Link