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November 28, 2014 | Safar 6, 1436
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IslamiCity > Business & Finance > IC Finance > Mortgage
 Welcome to IC Finance Information & Services

 O ye who believe! Devour not usury, doubled and multiplied; but fear Allah.
that ye may (really) prosper. Qur'an 3:130 (Arabic) - Recite  


Mortgage


Mortgage is a long term loan, usually for a person or family to purchase a house over a long period (30 years). This is fairly common in Western societies (perhaps the only way one could afford or buy a house in those societies).

This practice barely exists in Muslim countries, at least for now.

This involves interest (and a lot of it!), and therefore alternatives have to found to this method.

Over the past few years, some prominent scholars (e.g. Dr. Yousef Al Qaradawi) have allowed Muslims living in Western countries to buy homes using mortgage, on the premise that this is the only way available, and that rent is a long term waste of money.

Some Housing Cooperatives have started (e.g. in Canada, USA) to allow Muslims to buy houses in an interest-free way. Although these offer an alternative, they are still in the early stages, and a lot of learning is happening. Some even, impose some restrictions on house remodeling, renting a basement, ...etc.
Canada

  • Muslim Investment Group (MIG)
    2446 Cawthra Road
    Block 3 Unit 10
    Mississauga, ON L5A 3K6 Telephone: (905) 275-5250 Fax: (905) 275-0066
  • Islamic Cooperative Housing Corporation Ltd. (ICHC)
    Mississauga Ontario, Canada Email: ichc@isnacanada.com Telephone: (905) 403-8406.
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