Can you please tell me if the home loan package of MCCA called ‘Amlak’ is Shariah compliant?
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
We had the opportunity to study the contract details of MCCA’s ‘Amlak’ package under the supervision of Hazrat Mufti Ebrahim Desai sahib (daamat barakaatuhum). We found that a few clauses of the contract were not Shariah compliant. Hence, MCCA’s ‘Amlak’ is not Shariah compliant according to our view.
And Allah knows best.
Mufti Faizal Riza
28/10/2011