Buying a house through the bank

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Fatwas / Sales Fatawa / Buying a house through the bank

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I want to buy a house on financing from the Islamic bank. The bank asked me to pay quarter of the value of the house and then pay the rest of the money as monthly installments. The more the number of years I take to finish paying the installments, the more the value of the house increases. The bank does not own the house so I am the one who has to look for the house and inform the bank about it so that it can buy the house from the owner and sell it to me on installments as explained above. What is the ruling on this type of purchase?

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Answer

Praise be to Allah, and may Allah’s peace and blessings be upon the Messenger of Allah, his family and his companions.

To proceed:

This is a transaction that scholars have differed on. What is apparent to me is that it is not permissible except if two conditions apply:
First: The bank should not force you to buy the house.
Second: The bank should not sell the house to you before having full ownership of it.

Your brother,

Dr. Khalid al-Mosleh

13 / 01 / 1425 AH

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