CATEGORY > Money
Are Islamic mortgages halal such as the one from Al-Rayaan bank (formerly IBB)
الجواب حامدا و مصليا
The Islamic bank mentioned, is a halal alternative which is currently available, and is from an Islamic law perspective, more suitable than a conventional interest based mortgage. As to how Sharia compliant it is or otherwise, one should refer to its Sharia board scholars, as they know better how the contracts are actually structured, implemented and monitored. And Allah Knows Best.
Answered by FCB Fatwa Department