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Question:
What is the Islamic mortgage? What is the difference between it and the regular loan from banks?
Answer:
Praise be to Allaah.
The ruling of Riba does not change. It is the same in the land of Islam and the land of Kufr. This is the opinion of the majority of Muslim scholars including Imam Malik, Shafie, Ahmad, Ishaq, Awza'e, as well as Abu Yusuf, and Muhammed from the Hanafi School.
Their evidence for this is the texts of Quran and Hadith that forbid Riba without distinction between the land of war (Kufr) and the land of Islam, or the distinction the dealing of a Muslim with another Muslim or with a non-Muslim.
There are two procedures in buying a house through the bank:
1) The bank really buys the house or the car, and once it is in its possession sells it back to the customer by instalments with a higher price. This method is permissible. This is known by buying and selling with a benefit [the original price of purchase is made known to the buyer], and Islamic banks deal with it.
2) The bank does not really buy the house or the car, but it just pays the money on your behalf in return of repaying (the bank) a higher price than what it actually paid. This method is forbidden because it is usury. In reality it is a loan with interest and this is the practice in banks that deal with usury and interest. So it is not permissible for a Muslim to enter this transaction because usury and interest are forbidden and have bad consequences in this life and in the Hereafter.
Allaah knows best.
Question Date: 2010-04-11
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