Q: We live in a country, where it is impossible to buy a house on a full amount, it is more expensive than Europe. My husband is religious and wonts take a mortgage. We have been married for 2 decades and wasted lots on rental property, and the headaches that come with it. Buying ones own house is a basic necessity and advised by scholars, elders, alike if possible.
1. Is buying a house in installments permissible in Islam? From a real estate developer?
2. Can one use an installment plan which is jaiz, from a bank such as Al Rajhi bank?
Taking an interest bearing loan from the bank is haraam regardless of whether the repayment of the loan is through fixed installments or not.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)