Fatawa Answer

Question: Buying second house for investment with mortgage from Devon Bank Islamic Financing!

ID: 1670

Name: Dealings and Transactions

Question

Assalamoalikum Warrakhmatullah!

My name is Waseem and i am resident of Fremont CA.

I already have a house with mortgage from Devon Bank Islamic Financing and this house is ALHAMDOLILLAH enough for my residential needs.

I have some savings and in order to invest it i was looking forward to buy another property on mortagage from Devon Bank Islamic Financing.

My question is that is it permissible if i mortgage another house for investment when the existing one is already enough for my residential needs. The reason i am asking this question is that if there is any hujjat in mortgage because of the other ribah based banking systems in the world i would like to avoid.

Jazak Allah Khairun.

Waseem  

Answer

بسم اللہ الرحمن الرحیم

الجواب و باللہ التوفیق

Devon Bank is certified by the Shariah Board of America. Its method is Islamic, which is “Murabahah with al-Taqseet". So you can buy a house again from this bank in the present case. 

Since these schemes are indirectly established, therefore, unless absolutely necessary, it is better to avoid them.

فقط واللہ اعلم واتم

Answered On: Wednesday, Aug 09, 2023 | N/A

Answered By: Mufti Mohammed Ataur Rahman Sajid

Checked By: Mufti Mohammed Navalur Rahman