Are Islamic mortgages halal such as the one from Al-Rayaan bank (formerly IBB)


1. Are sharia compliant mortgages actually Sharia compliant ? 2. If so which ones on the market are safe to get. 3. Our personal preference is the one marked my Al-Rayaan (formerly IBB). Is this one ok ? Just to note the mortgage is for a first time home which I will be living in. I own no other property. JazakALLAH


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