Home Financing
Question
I have a question regarding Guidance Residentials (Islamic Home Financing) is it Halal in Islam? Mentioned below is their method. Co- partnership. On $100,000 investment Customer will put between 5 to 30 percent down depends on credit. Suppose monthly payments is $600. $400 belongs to them as a rent of the house $200 deduct from actual amount for first month. Second month will be $399 rent and $201 will be deduct from actual amount. As this method goes till end of the last payment. Kindly advise what will be the shar'ee law that apply on that. There website is Guidenceresidentials.com for more information. Hope to hear from you soon.
Answer
In a situation where you could not service the rentals for a few months what will the financier do?
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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