If you are Muslim planning on obtaining Ijara Loans in buying a house through Ijara Canada without dealing with an interest-based mortgage, we will update you with this ample information.
Zara is one of those ones who want to know any person who has got experience or housing financing through Ijara Canada, and how safe it is to buy a house through Ijara Canada, with the intent of not dealing in interest-based Mortgage.
Here is a resource for you about Ijara Loans in the link below look for Ijara Loans within the web page link:
It is yet uncertain if Ijara Loans have changed their mortgage contract since this fatwa back in 2014, but rather most likely their funding has not changed.
Ijara Loans: This company begins by directing the purchaser to obtain a standard interest-based mortgage loan and then provide a trust with the purchaser, a partner in the trust, so as to borrow from the bank and then get ownership of the property. Then thereafter, the trust will sell the house to the purchaser with a rent-to-own contract. The purchaser is individually getting the interest-based loan at the beginning and then shares in it at the end.
The conclusion of the Committee is that it not be permitted to deal with this company as their model contains obvious and explicit interest. We, therefore, advise those in charge of this company to review and adjust their model in order to fulfill the trust that has been put in them by those who aim at avoiding interest in their financial dealings.
Do ensure to look further into this site for more needful information on Ijara Loans.