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

Answered as per Hanafi Fiqh by Askimam.org

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

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This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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