AskImamDarul Iftaa Mahmudiyyah (AskImam)
I intend buying a house through Albarakah bank. Is their form of finance in accordance with Shariat ?
Question
Assalamu-Alaikum Mufti Saheb I intend buying a house through Albarakah bank . Is their form of finance in accordance with Shariat ? Was Salaam
Answer
To the best of our knowledge, Albarakah Bank purchases the house and resells it at a profit, which is shared with their shareholders according to the Mudhaarabah partnership.
The concept is correct. We advise you enquire from the bank their procedure in doing so and forward that to us. We shall comment thereafter.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
- Answered by
- Mufti Ebrahim Desai
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