Darul Iftaa Mahmudiyyah

I intend buying a house through Albarakah bank. Is their form of finance in accordance with Shariat ?

· 18 Rabiʻ I 1423 AH1 min readFatwa 5786English

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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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/5786
Fatawa SA: https://fatawa.co.za/fatwa/askimam-5786

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