{"_id":"668da0b20b76658b4c233e35","title":"Is it permissible to use an “Islamic Mortgage” to purchase a home, business and car?","question":"Is it permissible to use an “Islamic Mortgage” option such as UIF (myuif.com) as an alternative to the traditional mortgage to purchase a home? \nIdeally one would use cash but when that isn’t feasible I’ve heard that this could be used if there is a need to buy a home. If that is the case, what classifies as a need, I’ve heard there’s categories of needs in fiqh depending on how necessary something is but not very educated in this area. \nThe most common need mentioned is the need of providing a home for your family. If that is a legitimate need, can a need be purchasing a family home before said family comes in the picture? \nWhat about the “need” to invest in real estate and rental properties to build a better financial future for you and your future family? \nIs one supposed to wait years depending on their income to invest in their first property with cash? The “interest” paid over those years can often be less than the amount appreciated in that home depending on the time frame. \nAt the end of the day you’re either paying your mortgage, paying someone else’s mortgage (indirectly through rent), waiting years to buy in cash, or are ready to go in with cash which is not very likely.","answer":"The islamic financing offered by the likes of UIF can be used for both home and business, and car. All three are legit needs.","tags":[{"_id":"668d9ff00b76658b4c2329a9","tag":"Contemporary Life: Jobs and Career","count":120},{"_id":"668da01b0b76658b4c232e51","tag":"Contemporary Life: Interest","count":34}],"createdOn":"2024-07-09T20:42:26.765Z"}