Fatwa ID: 87775
Title: LARIBA Home Financing Company Contract Updates
Category: Financial Transactions
Scholar: Dr.Salah Al-Sawy
Date: 06/18/2023

Question
LARIBA Home Financing Company Contract Updates

Answer

In the name of the Compassionate, Merciful Allah.

All praises are due to Allah alone and may blessings and peace be bestowed upon the Messenger of Allah, his family, his companions, and supporters. To proceed:

The AMJA Fatwa Committee has followed the developments that have taken place with Lariba and the evolution that has taken place as a result of the impact of the Shariah Supervisory Board.

The Fatwa Committee discussed their views on the adjustments that have been made. The views of the members of the committee ranged from permissibility to prohibition to reservation.

The Secretary General referred the issue to the honorable President of AMJA to analyze this issue in detail with the consultants around him. Pertaining to the new contract, the majority of them concluded that for those in dire need it is permissible for them to accept (make taqleed) of the juristic reasoning of the Shariah Committee of Lariba who finds it permissible. This is due to limited Shareeah alternatives, in Western lands. And Allah, Exalted be He, is most High and knows best.