Question Summary:
Gatehouse Bank Diminishing Musharakah

Question Detail:

Asalamu Alaykum, Dear Respected Mufti Saheb, I’d like to ask that is the buy-to-let scheme offered by gatehouse bank ( UK ) Shar’iah compliant? Here is the link to one of the product detailed description, it’s based on Diminishing Musharakah. https://gatehousebank.com/downloads/Buy-to-let-criteria-for-UK-residents-BTLCUK51218vF12.pdf JazakAllah khair

Answer :

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

As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

The details provided on the link above are not sufficient for us to issue a ruling. You may forward us their contract at admin@daruliftaa.net and we will advise accordingly.

And Allaah Ta’aala Knows Best.

Muajul I. Chowdhury

Student, Darul Iftaa

Astoria, New York, USA

Checked and Approved by,

Mufti Ebrahim Desai.