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Islamic finance in the UK

Answered according to Hanafi Fiqh by FatwaCentre.org
Question

Assalamualaykum I would like to know what ruling do we have regarding Islamic finance in the UK. gatehouse Bank are one of the new providers of Islamic finance in UK. There is also a broker company who get the finance for you called halal options. If you can clarify ruling on this issue and what advice you can give which can help us stay away from interest related mortgages.
Jazakallah


Answer

Currently we have not investigated these finance providers and therefore cannot issue a ruling on their products. We would advise consulting their shari’ah team directly and addressing any concerns you may have with them. If you feel content with the explanation they have provided in relation to their products being shari’ah compliant, then it would be permissible for you to take out their products, relying on their shari’ah team.

Answered by:
Ifta Research Fellow

Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel

This answer was collected from FatwaCentre.org, which is overseen by Dr. Mufti Abdur-Rahman Mangera.

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