Fatwa ID: 07095

Answered by: Maulana Mamunur Hussain

Question:

I wanted to purchase the house I am living in from family however I do not have enough cash to purchase. I do not want to get a mortgage due to the interest and have come across a bank called Gatehouse. They have a shariah compliant home finance product on their website which I have been looking into and just wanted to know if it permissible? 

In the name of Allah, the Most Gracious, the Most Merciful

Answer:

Gatehouse Financial Group claims to be a sharia compliant financial services group, however a quick browse of their website doesn’t result in any named or reputable scholars in their board, nor do they mention the model they adopt to become sharia complaint, as such I am unable to ascertain whether they actually are sharia complaint or not.

Only Allah (عز و جل) knows best.

Written by Maulana Mamunur Hussain

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham