Q: A question was posed to me regarding bonds.The argument which was given to me was that necessity demands one take a house bond. A person who is unable to pay cash has no other option. I suggested renting until one raises the cash.Was I correct?
As a last resort if all else fails one could approach a conventional bank and request them to Islamise the transaction.
Hereunder is a basic guideline of how the deal should be structured.
1) You identify the house.
2) Request the bank to purchase the house.
3) Bank should take possession of the house.
4) Bank sells the house to you at a fixed profit ie.you know exactly how much the house will cost you till the last cent.
May ALLAH make it easy for all those who are trying to avoid interest