Question ID: 19919
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As-salamu alaikum Mufti sahib.

1) In the U.S., we have musharaka and murabaha home financing companies approved by reputable ‘ulema. In these schemes, lender’s title insurance is required to be purchased for the home at closing, from a title insurance company of the buyer’s choice. Is a Muslim buyer sinful if he purchases this title insurance from a Muslim agent of a title company (a different company than the home financer)? Note that the Muslim agent also performs other non-insurance related tasks at closing such as reviewing the home contract and obtaining the buyer’s signature on the home contract.

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Asked on May 11, 2016 4:26 am
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We are of the opinion that so called “Islamic Banking” does not exist.
So this or the other way, both are sinful.

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Answered on May 24, 2016 4:14 pm