Category: Financial Transactions
Fatwa#: 36604
Asked Country: Australia

Answered Date: Aug 23,2016

Title: ICFAL Shariah Financing

Question

ASA, I was just wondering if there was a follow up and update on Fatwa#: 34830 regarding

Title: MCCA, ICFAL, EFSOL and Amanah Shariah Home Financing Products,

you wrote that you were in dscussions with IQFAL management regarding their financing as it wasnt shariah compliant according to the information that was supplied to you, i would like to know as i was about to take a home loan from them, please let me know if you got to the bottom of it as they are claiming that they are shariah compliant, Jazaak Allah Khair.

Answer

Answer:

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuhu

ICFAL did not communicate with us after our Fatwa in reference was published. We acceded to their request to review their finance product to which we agreed. ICFAL did not follow up with that hence we still maintain our view that ICFAL home finance product is not Shariah Compliant.

 

And Allah Ta’āla Knows Best

Ismail Desai,

Darul Iftaa

 

Checked and approved byu,

Mufti Ebrahim Desai

 

 

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