Assalamualaikum,
I am interested in building a house, and not buy a house which is already built as we are unable to accommodate the need of my parents who would need a bedroom on first floor.
Unfortunately all the Shariah compliant banks including Devon bank do not provide loan for construction of homes.
My question to Mufti saab is whether in this situation can I acquire loan from regular bank and once construction is done re do the loan from Islamic shariah compliant bank?
Jazakallahu khair
الجواب وباللہ التوفیق
It is not correct to build a house using an interest loan. If one is to take a loan then it’s only permissible to take non-interest loan and in line with the Shar’i rulings. If you are to return the loan amount with an amount taken as loan in accordance with the Shar’I rulings then from the beginning take the loan in line with the Shar’i rulings. However, whichever bank you contact, inquire from the ‘Ulama whether they are in accordance with the Shar’i rulings or not.
قال اللّٰہ تعالیٰ: {اَحَلَّ اللّٰہُ الْبَیْعَ وَحَرَّمَ الرِّبَا} [البقرۃ، جزء آیت: ۲۷۵]عن جابر بن عبد اللّٰہ رضي اللّٰہ عنہ قال: لعن رسول اللّٰہ صلی اللّٰہ علیہ وسلم آکل الربوا ومؤکلہ وکاتبہ وشاہدیہ، وقال: ہم سواء۔ (صحیح مسلم ۲؍۷۲ رقم: ۱۵۹۸)
کل قرض جر نفعاً فہو ربا۔ (طحاوي شریف، ۲/۲۲۹)
واللہ اعلم بالصواب