• ICP Web

Al-Rayyan bank

Question: What is the ruling on using al rayan bank for mortgage? If it is not permissible which route can someone take to owning a home in the uk using halal methods? بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allah, the Most Gracious, the Most Merciful

Answer:

Regarding Al-Rayan Bank, Darul Ifta Birmingham’s position is as follows:

“The conclusion of Darul Ifta Birmingham is that Al Rayan Bank’s mortgage scheme should be avoided, but it is better than going to a normal non-Islamic bank. One should avoid it but as a LAST and FINAL resort (i.e. this mortgage stands against another non-Islamic bank’s mortgage”.


Regarding alternatives, we suggest consulting your local Ulema. Kindly refer to the following link for more details:

http://daruliftabirmingham.co.uk/al-rayyan-housing-scheme/


Only Allah knows best

Written by Maulana Mohammad Ahsan Osmani Checked and approved by Mufti Mohammed Tosir Miah Darul Ifta Birmingham

0 views0 comments

Recent Posts

See All

Buying and Selling Stocks

Question: I would like to know about the stock. Is stock buy and sell haram or halal? Is stock capitalism? بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allah, the Most Gracious, the Most Mercifu

Insurance for losing court case

Question: An investor had purchased an off-plan apartment. To this end, the investor had paid the deposit to Solicitor Firm X. Solicitor X was only supposed to pay the constructor by installments subj

Zakat on savings account and jewelry

Question: I am seeking some guidance please on how to calculate zakat for money that I have in my saving account. Is zakat applicable to my gold jewelry? بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the nam

ADDRESS

920 W PFLUGERVILLE PKWY

PFLUGERVILLE, TX 78660

© 2020 by Islamic Center of Pflugerville