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Is it Necessary to Take a Bank Loan for Buying a Home in the USA?

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: My question is that we are in USA and can not buy a home on cash because it is impossible. So because of compulsion can we take a loan from the bank due to compulsion?

Bismillaah

A: The majority dealings of all conventional banks are in total contradiction with the laws of Shari’ah. Their main operation revolves around interest and usury. For further details refer to http://muftionline.co.za/node/2145

And Allah Ta’ala (الله تعالى) knows best.

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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