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O ye who believe! Devour not
usury, doubled and multiplied; but fear Allah.
that ye may (really)
prosper. Qur'an 3:130
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).
barely exists in Muslim countries, at least for now.
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.
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.
Investment Group (MIG)
2446 Cawthra Road
Block 3 Unit 10
Mississauga, ON L5A 3K6 Telephone: (905)
275-5250 Fax: (905) 275-0066
Cooperative Housing Corporation Ltd. (ICHC)
Mississauga Ontario, Canada Email: [email protected]
Telephone: (905) 403-8406.