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