06.08.2010 - Islamic finance - The law of necessity in home purchasing
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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