Tag Archives: Housing Credit

Ruling of Housing Credit

Ruling of Housing Credit

Ruling of Applying for Housing Credit via Bank

There are two ways of buying goods via bank:

Firstly, a muslim goes to a bank and tell the bank, “I want to buy a certain house or car.” The bank says, “We don’t have it. Please check out if there is something that suits you, tell us, and we’ll buy it.” Then he goes to find what he wants, and when he finds it, he informs the bank of it, and the bank buys it.

After the bank buys and has it, then the bank makes a transaction with its client and there is no agreement that ties the client when the bank hasn’t buy and own the goods. For example, the client doesn’t store some down-payment, or certain amount of money which some people called “administration fee”, nor anything as a compensation of bank’s willingness to help him in realizing his wish, and it is not allowed to sign any written agreement which stated about the ability to buy the goods after the bank owns it. These are not allowed until the bank has the intended house.
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Housing Credit and Government’s Role

Housing Credit

Verdict of Majma’ Al-fiqh Al-islami (under the Islamic Conference Organization)

Verdict of Majma’ Al-fiqh Al-islami (under the Islamic Meeting) about the Housing Credit and Government Role (Source: Al-Majma’ Muktamar magazine, episode VI, volume 1, page 81)

Council of Majma’ Al-Fiqh Al-Islami held up the 6th grand meeting in Jeddah, Kingdom of Saudi Arabia, dated 17th-23rd of Sya’ban, 1410 H, coincided 14-20 March 1990 AD.

After studying studies presented to Al Majma’ and regarding the running discussion about the problem of housing credit, Majma’ Al-Fiqh Al-Islami decreed:
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