Question Summary:
Is the buy to let mortgage by Al Rayan Bank Shariah complaint?

Question Detail:

Please can you confirm if the buy here to let mortgage by Al Rayan Bank is halal or haram

Answer :

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

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

We observe that the buy to let mortgage by Al Rayan Bank is based on the diminishing partnership model and Ijaarah (leasing).

We are unable to issue a ruling without assessing and analysing the contracts of the product.

You may refer to the following Muftis in the UK and seek their guidance on the issue.

And Allah Ta’āla Knows Best 

Muhammad IV Patel

Student Darul Iftaa
Lusaka, Zambia 

Checked and Approved by,
Mufti Ebrahim Desai.