[dhrishiasv]

bump for this as im confused about these hsbc amanah mortgages etc.. scholars seem to disagree with it in my private but just not to upset anyone, agree in public and say if mufti taqi has approved it, its right.

I know friends who have taken an Islamic mortgage. I have heard from others that Mufti Taqi Usmani and Maulana Bilal from Bury Darul uloom have said Islamic mortgages although not ideal is but the most practical answer in today's age. It may not be 100% halaal but it’s much better than interest based mortgages obviously.

I think the key difference is that the bank purchases the house hence a commodity is involved unlike interest which is essentially making money purely from money in this example.

The way I see it is that in the UK you need to buy a house just like you need to eat and clothe yourself - therefore it is a necessity. The best way is to save your disposable income and purchase the house outright. If needs be then borrow from family and friends aswell and ensure you have a mutual understanding about repayments etc etc.
Now purchasing a house even with some financial help will be impossible for most people - hence an Islamic mortgage will be a better solution than an interest based mortgage obviously. But there may be some deficiencies in this but atleast is not HARAAM and you have tried your best.

Kind of like taking out car insurance. Btw my advice is just that, I am no scholar but I have given my honest opinion. You should consult a scholar who is familiar with this - but this may be difficult because most scholars don’t know much about Islamic finance