Fatwa ID: 09208
Answered by Muftiyah Maryam Badshah
Question:
Assalamu alikum, I would like to purchase a house in London with my husband and we would like guideance on the best shariah compliant Islamic mortgage lender available. We have heard of Offa Islamic mortgage, Nester Islamic fiance and Gatehouse. Please can you please guide us on which is best or whichever source you know of .
Jazak Allah khiran
In the name of Allah, the Most Gracious, the Most Merciful
Answer:
From what I have researched of these companies, Offa and Gatehouse Bank both claim to offer what appears to be interest-free, Islamically-compliant home purchasing plans (HPP), with Offa being certified and endorsed by the Shari’ah advisory firm, Amanah Advisors, and Gatehouse Bank has two members of AAOIFI on their Shariah board. On the other hand, I was unable to find detailed information on the home purchasing plans of Nester.[1]
However, it is difficult to fully assess the shari’ah- compliance of these companies HPP without reviewing their contracts and internal procedures, and so we are unable to endorse any company’s shari’ah compliance without more detailed information.
As this concerns your personal circumstances and finances, I advise speaking in detail with these companies and the details of the HPP contract you plan to take, taking into consideration other aspects, like house insurance and legal fees. Before making a decision perform Istikharah and make plenty of du’a, asking Allah ﷻ for guidance. I also suggest seeking additional advice from Islamic Finance specialists before making a decision, as they can more accurately address your concerns and perhaps offer additional alternatives.[2]
Only Allah ﷻ knows best.
Written by Muftiyah Maryam Badshah
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
References:
[1]
https://offa.co.uk/home-purchase-plan/
https://gatehousebank.com/about-us/our-team/shariah-supervisory-board
https://gatehousebank.com/personal/home-finance
https://nester.com/blog/Real-Estate-Financing-Needs-Innovation
[2]
(بَابُ الرِّبَا)
…فَلِذَلِكَ عَرَّفَهُ شَرْعًا بِقَوْلِهِ (فَضْلُ مَالٍ بِلَا عِوَضٍ فِي مُعَاوَضَةِ مَالٍ بِمَالٍ) أَيْ فَضْلُ أَحَدِ الْمُتَجَانِسَيْنِ عَلَى الْآخَرِ بِالْعِيَارِ الشَّرْعِيِّ أَيْ الْكَيْلِ وَالْوَزْنِ
Al-Bahr Al-Rāiq (Vol.6, pg.135, Dār Al-Kitab Al-Islami)
وَلَوْ صَالَحَ عَلَى أَكْثَرَ مِنْ حَقِّهِ قَدْرًا وَوَصْفًا، أَوْ قَدْرًا لَا وَصْفًا لَا يَجُوزُ؛ لِأَنَّهُ رِبًا
Badā’i’ Al-Ṣanā’i’ (Vol.6, pg.45, Dār Al-Kutub Al-’Ilmiyyah)
وَذَكَرَ فِي الدُّرَرِ أَنَّ النَّهْيَ عَنْ إلْقَاءِ الْحَجَرِ أُلْحِقَ بِالْأَوَّلَيْنِ دَلَالَةً (قَوْلُهُ لِوُجُودِ الْقِمَارِ) أَيْ بِسَبَبِ تَعْلِيقِ التَّمْلِيكِ بِأَحَدِ هَذِهِ الْأَفْعَالِ
Raddul Muhtār (Vol.5, pg.65-6, Dār Al-Fiqr)
وَأَمَّا شَرَائِطُ الصِّحَّةِ فَعَامَّةٌ وَخَاصَّةٌ فَالْعَامَّةُ لِكُلِّ بَيْعٍ مَا هُوَ شَرْطُ الِانْعِقَادِ؛ لِأَنَّ مَا لَا يَنْعَقِدُ لَمْ يَصِحَّ وَلَا يَنْعَكِسُ، فَإِنَّ الْفَاسِدَ عِنْدَنَا مُنْعَقِدٌ نَافِذٌ إذَا اتَّصَلَ بِهِ الْقَبْضُ، وَمِنْهَا أَنْ لَا يَكُونَ مُؤَقَّتًا، فَإِنْ أَقَّتَهُ لَمْ يَصِحَّ بِخِلَافِ الْإِجَارَةِ، فَإِنَّ التَّأْقِيتَ شَرْطُهَا، وَمِنْهَا أَنْ يَكُونَ الْمَبِيعُ مَعْلُومًا وَالثَّمَنُ مَعْلُومًا عِلْمًا يَمْنَعُ مِنْ الْمُنَازَعَةِ فَالْمَجْهُولُ جَهَالَةً مُفْضِيَةً إلَيْهَا غَيْرُ صَحِيحٍ كَشَاةٍ مِنْ هَذَا الْقَطِيعِ وَبَيْعُ الشَّيْءِ بِقِيمَتِهِ وَبِحُكْمِ فُلَانٍ، وَمِنْهَا خُلُوُّهُ عَنْ شَرْطٍ مُفْسِدٍ وَهُوَ أَنْوَاعٌ شُرِطَ فِي وُجُودِهِ غَرَرٌ كَاشْتِرَاطِ حَمْلِ الْبَهِيمَةِ…
Al-Bahr Al-Rāiq (Vol.5, pg.281, Dār Al-Kitab Al-Islami)