Can a muslim male purchase a house with interest attach to it?
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One Response to “can muslim buy a house with interest?”
According to sharia, islamic banking forbids acceptance of interest. So a true muslim can’t buy a house with interest. However, if the house would be sort of as a shared ownership between the lender and the buyer, which means both of them are responsible for the house’s appraisal and devaluation – shared risk – a muslim can buy it. This is how an islamic bank makes money. it purchases a share in the ownership of a property / business created from a loan / mortgage
October 7th, 2010 at 4:35 pm
According to sharia, islamic banking forbids acceptance of interest. So a true muslim can’t buy a house with interest. However, if the house would be sort of as a shared ownership between the lender and the buyer, which means both of them are responsible for the house’s appraisal and devaluation – shared risk – a muslim can buy it. This is how an islamic bank makes money. it purchases a share in the ownership of a property / business created from a loan / mortgage