IslamQA.org Logo

There is a scheme in Chicago being promoted as halal Islamic home financing.

Answered according to Hanafi Fiqh by Qibla.com

Answered by Shaykh Abdurrahman ibn Yusuf Mangera

There is a scheme in Chicago being promoted as halal Islamic home financing. 

Answer:
In the Name of Allah, Most Gracious, Most Merciful

Assalamu alaykum

In the name of Allah the Inspirer of truth.

Islamic home financing is a complicated issue and as such best left to the experts in that field.

We are currently undertaking some research into the banks and organizations offering “Shari’a Compliant Home Loans” to determine their position according to Islamic Shari’a. Guidance Financial and HSBC Amanah Home Finance Schemes both in the US and UK have been considered to be Shari’a compliant by some of the greatest scholars in this field like Mufti Taqi Uthmani (see http://albalagh.net/qa/0015.shtml). Likewise, UM Financial www.UMFinancial.com which has been recently set up in Toronto is another lawful choice since it is supervised by an independent board of Muslim scholars.

It is normally necessary for any organization that is offering such financing that their procedures and model be supervised for Shari’a compliance by an independent board of specialist and recognized scholars in the field, since the complications and intricacies are many. Some of the scholars in this field are Mufti Taqi Uthmani, Shaykh Yusuf Talal Delorenzo, and Shaykh Nizam Yaqubi.

As far as the banks in Chicago are concerned, it would be best to consult scholars in the area like Mufti Nawalur Rahman http://www.shariahboard.com/index.php.

And Allah knows best.

Wassalam
Abdurrahman ibn Yusuf

This answer was indexed from Qibla.com, which used to have a repository of Islamic Q&A answered by various scholars. The website is no longer in existence. It has now been transformed into a learning portal with paid Islamic course offering under the brand of Kiflayn.

Find more answers indexed from: Qibla.com
Search
Related QA

Pin It on Pinterest