IslamQA.org Logo

mortgage

Shafi'i Fiqh

Ruling on Buying a House Mortgaged to a Non-Islamic Bank

What is the Islamic ruling on buying a house, which is mortgaged to a non-Islamic bank, through Ijarah Muntahia Bittamleek(Lease to own) where an Islamic bank issues a cheque with the value of that mortgage to the non-Islamic bank, then issues another with the rest of the house`s value to the owner. Later on, all parties will meet at the Lands Department to carry on with the needed procedures?

Shafi'i Fiqh

Validity of Murabaha Contract Depends on Meeting Certain Conditions Stipulated in Sharia

  A trader has asked me to bring him goods from China since he doesn`t have the money to do so. He added me to a mortgage deed and I wrote him a post-dated cheque until we returned from that country. We have also agreed on a fixed percentage of profit. Accordingly, we went to China, he choose the goods, I paid for them and took responsibility of delivering them to Amman. Moreover, he gave me cheques that covered the whole amount I had given him, in addition to the profit. What is the ruling of Sharia on this transaction?

Search
Related QA

Pin It on Pinterest