Murabahah
Question
Please see the links below for Islamic Banking offered where i live. Does these meet the guidelines to be true islamic finance?
https://www.devonbank.com/asp/general_10.asp
http://www.guidanceresidential.com/the-difference/how-it-works/
http://www.myuif.com/financing/shariah-compliant-home-financing/murabaha-home-financing/
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
Assalāmu ‘alaykum wa rahmatullāhi wa barakātuh
While the concept of “Murābahah” is in principle an Islāmically viable model for home-financing, the ruling of any particular Murābahah transaction will depend on the clauses in the contract and how it is implemented. Hence, we can only comment on a specific Murābahah transaction once the complete contract is forwarded to us. In its absence, we cannot issue a general answer on its permissibility or impermissibility.
And Allah Ta‘ālā Knows Best
Zameelur Rahman
Student Darul Iftaa
UK
Checked and Approved by,
Mufti Ebrahim Desai.
www.daruliftaa.net
- Answered by
- Zameelur Rahman
- Checked & approved by
- Mufti Ebrahim Desai
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