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Islamic Mortgage – Buying Home

Answered as per Hanafi Fiqh by ShariahBoard.org

Assalamu Alaikkum, 

May Allah bless your organization and everyone who is working to serve our muslim community.  Alhamdulillah, I have been living in TX, US for past 13+ years.  I am married and having two kids.  Since then we have been living in apartment by paying rent. Now the, rent is going up almost every time we renew the lease, we wanted consider buying a house. Also, kids have grown up , we need bigger place as well. 

As we all know, there are few Islamic banks in USA who claims to provide islamic compliance loan for buying home. I am very reluctant to consider, partly because of lack of knolwedge to understand their model against islamic law.  I am seeking your help in assisting this matter. 

So, here is my question?

1) Are there any islamic mortage loan available in USA?

2) If yes, can you please recommend few? ( Everyone claims we are fully compliance. It is very difficult for normal people to decide whom to go)

May Allah guide all of us to take right decision in this matter.





 الجواب وباللہ التوفیق

Per our knowledge, there is a bank in Chicago, “Devon Bank”, which takes religious guidance from Shariah Board. You may contact this bank regarding purchase of property.

فقط واللہ اعلم بالصواب

This answer was collected from Shariahboard.org. It was established under the supervision of the eminent faqih of our era, Hazrat Shah Mufti Mohammed Navalur Rahman damat barakatuhum.

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