DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate

Asslamu ‘Alaikum Jashim,

Brother, I am in the same situation as you were. Could you please let me know the outcome of your reseach. May Allah give you the best reward for this.

Salaam

Muhammad Khan

Quote:

Asslamu ‘Alaikum,

Hope all are well.

Just wanted some advice and guidance in regards to taking conventional mortgages.

I am currently renting in London on an intermediate rent scheme by a housing associate at 80% of market rent. As you will appreciate the rent in London is high and even on 80% market rent you can end up paying quite a bit.

If I pay a little bit more a month, I can buy a share in my property on a Part Buy Part Rent basis where I get to own a part of the property and as my financial situation improves I can buy the property outright by increasing my share in the property.

As the property values are pretty stagnant at the moment and the interest rate is low I was considering buying a share in the property that I live in so that at least a some of my monthly outgoings will go towards a stake in the property.

However, the only way that I can buy a share in the property is by getting a conventional mortgage as the Islamic Mortgage providers do not provide mortgages for Shared Ownership / Part Buy Part Rent schemes.

With the current housing market as it is and the current mortgage deposit requirements of 20%+ I will never be able to buy on the open market as I’ll need a deposit of around £40K to get a mortgage for a property worth £200K and this is kind of the price range for a decent 2/3 bed property in East London.

I don’t want to be renting all my life as it does not give me any security in tenure and once my tenancy/contract runs out I’ll have to keep moving. However, I am also aware that getting a conventional mortgage would be classed as Haram by most scholars and the thought of having the wrath of Allah upon me for the duration of the mortgage period (25 years or so) scares me.

Do I just give up on the idea of buying a place and securing a home for myself and my family or is there an exception to the rule in my situation?

In Sacred Law in Secular Lands Shaykh Abdullah bin Bayyah mentions that there is an opinion that allows Muslims in Non-Muslim lands to purchase properties that is their principle home using the conventional mortgages when there are no alternatives available (he does stress that this should be a last resort). I am interested in finding a source for this Fatwa? Does anyone know how many scholars hold this view and if these Fatwas are available for reading online.

I will stress that I am not trying to find an easy way out and look for a Fatwa that allows me to purchase a flat/house. However, if there is a genuine and valid Fatwa out there, I would like to have a read and make up my own mind.

I appreciate this is a long post, but would appreciate any advice that you can offer.

Was Salam

Jashim