Is it permissible to take out a loan with interest from a British bank in order to buy a house?
If the bank owns the house, it is permissible to sell it for a known deferred or installment price, even if the price is higher than its cash value. However, if the bank is a financier lending you the price of the house with an increase, then this is a forbidden usurious transaction. A Muslim must be patient and seek what is lawful, in accordance with the Almighty's saying: "And whoever fears Allah - He will make for him a way out (2) And will provide for him from where he does not expect. And whoever relies upon Allah - then He is sufficient for him. Indeed, Allah will accomplish His purpose. Allah has already set for everything a [decreed] extent (3)" [Surat Al-].
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/19887
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 19887
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy