In the Name of Allah, The Most Gracious, Most Merciful
Question:Dear Dr. Nabulsi
I live in Australia and have renting a home for 7 years.
I want to buy a home and avoid paying rent. When paying rent i am at the mercy of the landlord and could move houses on several occassions.
Houses are too expensive to buy with saved cash money in Australia and the only alternative is to borrow money from somewhere otherwise i will renting for my whole life.
We have one islamic bank in Australia (MCCA) however our local imams are divided about its islamic compliance(some agree and some disagree).
Is it okay to purchase your first house with the intention of a stable environment for your family using a western bank permissable?
It is not permissible to buy a house through a bank that deals with riba (interest).