Fatwa ID: 03128

Answered by:  Maulana Mustafa Umar​

Question:

I am married and have 3 kids. Living at rent for 10 years but want to buy my own house through an Islamic alternative of a conventional mortgage. But there are so many out there and not sure which one fully qualify the criteria to be permissible. Can you please advise if there is any Islamic alternative of conventional mortgage out in the market that is recommended by Darul Ifta or Sheikh Taqi Usmani.

Answer:

In The Name Of Allah, The Most-Merciful, The Most Kind

DarulIfta does not specifically endorse any Islamic finance models for purchasing a home since each contract needs to be studied individually. Furthermore, the contracts often change and they need to be restudied for Shariah compliance every time there is a change.

Therefore, Islamic finance institutions often employ specialized scholars, such as Mufti Taqi Usmani, to be on their Shariah board. These scholars review the contracts in detail and no changes to the contract can be made without their review and approval. Here is a list of positions that Mufti Taqi has held: https://en.wikipedia.org/wiki/Muhammad_Taqi_Usmani#Positions_holding

This list may not be up-to-date so I suggest contacting his institution in Karachi and getting the most current information from there.

Only Allah knows best

Written by Maulana Mustafa Umar

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham