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Islamic Finance Briefing - Categorized | Finance, Financial Instruments (Credit Cards, Debts, Loans, Mort more

Islamic finance - The law of necessity in home purchasing

Posted on 06 August 2010

From Suite101.com: Dr. Yusuf Qardawi stated that a Muslim may use a interest bearing mortgage if all other means of purchasing a home Islamically has been exhausted and that the borrower has an extreme emergency or necessity.
The meaning of this statement is that a Muslim can take out a bank mortgage and pay interest if he has exhausted every possible means to purchase a home in the halal (permitted) way, such as seller financing, rent to own, Islamic Banking and borrowing money from relatives……………………………………….Full Article: Source

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