Islamic and commercial banking

Question ID: 28384


what is the ruling on islamic banking as there are lots of diffirence of opinions ?
can i buy a house through islamic banking ?
1st or 2nd house also ?
property for business ?
incase of having no place to work from and i cannot afford payng rent in this scenario can i buy business property , warehouse through islamic banking?

ref to commercial baking ?
can i buy a 1st house through commercial banking ?
can i buy property for busisness throught comercial banking ?

what is the ruling on above please advise .

. ashraf

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Asked on September 16, 2008 12:00 am
Private answer

Whether so called 'Islamic bank' or commercial have the unlying in place,

1) peg the amount owing.

2) Specify the instalment amount.

3) Stipulate the time period of repayment.

4) Have a clause for option of settlement.

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Answered on September 16, 2008 12:00 am