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Fatwa Answer

Question ID: 1286 Category: Dealings and Transactions
Islamic home mortgage

Aoa...

I just started to do some research regarding buying a house. What banks/ companies can you recommend which comply with the Islamic law of mortgage, so that I can avoid paying interest. A lot of people are recommending Guidance Residential. Are there any other good ones that you can recommend? Also, what do u think abt  this company?   

https://www.myuif.com/

JazakAllah Khair .

الجواب وباللہ التوفیق

At this time, to our knowledge, the only bank with Islamic Banking option to procure a loan for purchasing a home is Devon Bank located in Chicago, IL. Their contract has been reviewed and approved by the ulama of Shariah Board of America. 

فقط واللہ اعلم بالصواب

Question ID: 1286 Category: Dealings and Transactions